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According to Coindesk, the crumbling of crypto exchange FTX and its subsequent bankruptcy filing has brought much negative attention for the crypto industry. However, that may be just the wake-up call U.S. lawmakers need, said Hester M. Peirce, a commissioner at the Securities and Exchange Commission (SEC). She said that despite the dark moment for the industry, FTX’s downfall could be the “catalyst” government agencies needed to “sit down” and create clear regulations. “That doesn’t mean just bringing enforcement actions,” Peirce said, “but we also need to know, thinking about this as a society, how do we want to regulate this thing.” Peirce said the difficulties that come with regulating digital assets could be solved in a more productive and efficient manner if the SEC and the Commodities of Futures Trading Commission (CFTC) were to coordinate in some fashion. Peirce did not state which agency should be responsible for regulating the crypto industry, and added that “having one regulator devoted to crypto could be problematic.” In the midst of the debacle, Peirce said for crypto it’s a strong “reminder” for people to take into account some of the “basic lessons from traditional finance.”

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【SEC Commissioner Hester Peirce: FTX’s collapse could finally be ‘catalyst’ for regulation】According to Coindesk, the crumbling of crypto exchange FTX and its subsequent bankruptcy filing has brought much negative attention for the crypto industry. However, that may be just the wake-up call U.S. lawmakers need, said Hester M. Peirce, a commissioner at the Securities and Exchange Commission (SEC). She said that despite the dark moment for the industry, FTX’s downfall could be the “catalyst” government agencies needed to “sit down” and create clear regulations. “That doesn’t mean just bringing enforcement actions,” Peirce said, “but we also need to know, thinking about this as a society, how do we want to regulate this thing.” Peirce said the difficulties that come with regulating digital assets could be solved in a more productive and efficient manner if the SEC and the Commodities of Futures Trading Commission (CFTC) were to coordinate in some fashion. Peirce did not state which agency should be responsible for regulating the crypto industry, and added that “having one regulator devoted to crypto could be problematic.” In the midst of the debacle, Peirce said for crypto it’s a strong “reminder” for people to take into account some of the “basic lessons from traditional finance.”

SEC Commissioner Hester Peirce: FTX’s collapse could finally be ‘catalyst’ for regulation

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