SEC’s Hester Peirce Says Regulation Will Happen a Lot Quicker

CNBC recently attended a crypto conference in DC. At the conference, a journalist from CNBC sat down with the U.S. Securities and Exchange Commission’s (SEC) Hester Peirce to get her reaction on Terra Luna’s (UST) recent crash and whether or not the tragic event has pressured regulators to clamp down on the industry.

Peirce did say that crypto regulation will happen a lot sooner following the crash. According to her, it will be important for regulators to aim for responsible regulation, stating that regulators should try to form good working relationships with crypto innovators. She believes that regulation does not restrict the level of innovation in the crypto space should be strived for.

She stated that

Responsible regulation should work alongside responsible innovation.

In the interview, Peirce was also asked if she has some concerns around the crypto space, to which she responded that her main concern is the level of fraud that takes place in the crypto space. Another one of her concerns is that U.S. regulators have dropped the regulatory ball when it comes to cryptocurrency.

She feels that regulators still have a lot of work to do and have fallen somewhat behind. According to Peirce, regulators work with crypto innovators to experiment with different models and develop the best ones for the general public that protects them and that can still plug into the current regulatory framework.

Lastly, Peirce closed off the interview by saying that it is important for the SEC to protect people’s privacy and not censor them.