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The commissioner of the US Securities and Exchange Commission (SEC) has expressed its opinion on the lessons that the crypto industry should followlearn from the events of the past year.
In his speech at the Digital Assets at Duke conference, EstherHester Peirce stated that 2022 was a terrible year for both the cryptocurrency space and the regulators themselves, as too many negative events took place.However, even from the problems that have arisen, valuable conclusions can be drawn, the commissioner believes.The official believes that the development of blockchain and cryptocurrencies takes time, because they are often used along with innovative developments in other areas, which helpsUnleash your full potential.
SEC Commissioner Emphasized That Cryptocurrencies Are Not Just About GrowthThe main objective of cryptocurrencies is to solve the problem of trust by allowing strangers to interact with each other when making transactions, and industry participants should always keep this in mind:
"Usually, people have turned to centralized intermediaries or the government to solve this problem, but cryptocurrencies, blockchain, and zero-knowledge proofs offerNew Solutions".
EsterPierce urged enthusiasts who believe in the successful future of cryptocurrencies not to wait for regulators to developregulatory rules for the industry, and act proactively to prevent the use of crypto assets for illegal purposes.According to Pierce, the value of cryptocurrencies depends primarily ontheir creators, not regulators, who lack technical knowledge and who canhave a superficial knowledge of cryptocurrencies.
Previously, the SEC commissioner did not support the idea of creatinga separate agency to regulate crypto assets, explaining that this will not solve the problems of the industry, but will only create more confusion. Last year, Pierce said a downturn in the cryptocurrency market would be good for the industry and eliminate weak players.
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