Securities and Exchange Commissioner Hester Peirce highlighted that despite a very bad year, there are lessons for the crypto industry to learn.
Hester Peirce, a commissioner at the Securities and Exchange Commission (SEC), says that after a terrible year, industry players need to remember what crypto is really about.
In a keynote speech at the Digital Assets at Duke conference, Peirce outlined some lessons to be learned from the problems the crypto industry faced last year. According to the commission, 2022 has been a “scary, scary, bad, bad year” for both the crypto space and regulators. However, Peirce believes that there are valuable lessons to be learned from the series of problems that began last year. He explained:
“Under these lessons is the fact that technology takes time to develop and often must be combined with new developments in other areas to realize its potential.”
In addition, the SEC official emphasized that the company should always keep in mind that crypto is not about raising prices and handing over tokens to someone else. Peirce stressed that the industry needs to remember that the underlying technology is “solving the problem of trust” and how people can interact with people they don’t know. He explained this:
“Traditionally, people have looked to the central government or government to solve this problem, but technologies such as cryptography, Blockchain, and zero proof provide new solutions.”
Apart from that, the commission also told “those who believe in the future of crypto” not to wait for the regulators to solve the problem, but to take action to eliminate harmful practices and encourage good behavior within the company.
Peirce also said that it is up to those in the industry to build crypto value. “Crypto’s value proposition depends mainly on the people who build this technology, not the regulators like me, who don’t have the technology to stick to it,” he said.
The past year has been full of challenges for those who believe in space. Despite the tragedies, there are still good achievements for the space, such as a demonstration of resilience in the face of market challenges that pave the way for a strong foundation.
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