US Securities and Exchange Commission (SEC) commissioner Hester Peirce has criticized the regulator’s failure to act on time to ensure that crypto regulation is in place to protect consumers.
Speaking at the DC Blockchain Summit this week, Peirce said the cryptocurrency space is already packed with fraud on every level and that rug pulls and Ponzi schemes were just part of the problem.
“We have dropped the regulatory ball”, she told CNBC reporters, admitting that the regulator could have moved quicker.
Peirce acknowledged that projects such as TerraUSD could have avoided their fate had there been more regulation in the sector to steer them in the first place.
The commissioner showed some optimism that the watchdog may yet get it right. “We can go after fraud and we can play a more positive role on the innovation side, but we have to get to it, we’ve got to get working”, she said.
There remains some confusion over who has control over the cryptocurrency sector. SEC told a House Appropriations Committee hearing that it had oversight of many cryptocurrencies and companies, but said its powers were not limitless. For example, one of the main cryptocurrencies, Bitcoin, seems to have eluded SEC control.
Some argue regulatory hesitancy led to the collapse of TerraUSD, while others have called for less intervention on the part of central governments.
Recently European Central Bank boss Christine Lagarde said that crypto was worth nothing.
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