Crypto Industry Called to Solve Issues Without Waiting for Regulators

• SEC Commissioner Hester Peirce called for the crypto industry to attempt to solve issues that plagued it during 2022 without waiting for regulators to act.
• Peirce argued that “much of the crypto world is burning” in a fire lit by bad actors and it is up to those building in the blockchain space to establish its true value proposition, not advocates or proponents sitting on the sidelines.
• Peirce emphasized the importance of decentralization and the diversity of the crypto space, advocating for a more transparent and collaborative approach to crypto regulation.

The crypto industry had a tumultuous year in 2022, with a number of bad actors attempting to take advantage of the space. SEC Commissioner Hester Peirce has now called on the crypto industry to solve the various issues that have arisen without waiting for regulators to act.

Speaking at the Duke University Digital Assets Conference on Jan. 20, Peirce argued that “much of the crypto world is burning” in a fire lit by bad actors, and that it is up to those building in the blockchain space to establish its true value proposition, not advocates or proponents sitting on the sidelines. She said that while it takes time for technology as innovative as blockchain to find its feet, it can look “downright harmful” to outsiders looking in and that it is up to the industry to “fix” any issues.

Peirce also emphasized the importance of decentralization and the diversity of the crypto space, advocating for a more transparent and collaborative approach to crypto regulation. She said that while the industry is still maturing, it is up to those involved to establish its true value proposition, and that waiting for regulators to step in and solve the problems is not the answer.

The SEC Commissioner concluded by calling for the industry to work together to develop solutions, emphasizing the importance of decentralization, collaboration and transparency in the crypto space. She said that the crypto sector offers an opportunity for people of all backgrounds to develop innovative solutions to real-world problems, but that it is up to the industry to ensure its success.