Securities and Exchange Commission (SEC) commissioner Hester Peirce said that after a terrible year, industry players need to remember what crypto is really all about.
In a speech at the Digital Assets at Duke conference, Peirce established Below are some lessons that can be learned from the problems that the crypto industry had to deal with last year. According to the commissioner, 2022 was a “terrible, horrible, not good, very bad year” for both the crypto space and regulators. However, Peirce believed that there were valuable takeaways from the series of issues that arose in the past year. She explained:
"Behind these lessons is the truth that technology takes time to develop and often needs to be combined with innovative developments in other fields to realize its full potential."
Furthermore, the SEC commissioner stressed that the industry should always keep in mind that crypto is not about raising prices and selling tokens to someone else. Peirce stressed that the industry needs to remember that the underlying technology is about “solving a trust problem” and how people can interact and transact with people they don't know. She explained that:
"Traditionally, people have looked to centralized intermediaries or the government to solve this problem, but technology like cryptography, blockchain, and zero-knowledge proofs offer new solutions."
Aside from this, the commissioner also urged “people who believe in the future of cryptocurrencies” not to wait for regulators to fix the problems, but to act to crack down on harmful practices and encourage good behavior within the cryptocurrency. industry.
Peirce also said that it is up to people within the industry to develop the value of cryptocurrencies. "Crypto's value proposition depends primarily on the developers of this technology, not regulators like me who lack technical expertise and are on the periphery watching," he noted.
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