Some of the complications of trying to write a regulatory policy through enforcement actions are apparent with the BlockFi settlement, she said. “If we had simply been more proactive in a regulatory way on crypto lending, we could have had a framework in place that would have applied to everyone,” she said.
Such a framework could have “taken into account a wide range of views about what the right approach was there.”
Peirce pointed a finger at her colleagues who “don’t think that any clarity is needed.” Her peers “think there’s plenty of clarity” – and do not see much point in regulating crypto, a technology they do not consider useful.
“It’s disappointing,” she said. “I’ve been here for five years now and I’ve seen very few proactive steps toward trying to [in advance] set up a regulatory regime that makes sense.” Her hope is for crypto builders to spend time thinking about things other than regulation. ”You can’t have this system where everyone is unable to move forward because everything is so ambiguous.”
Source: ‘Crypto Mom’ Hester Peirce: SEC ‘Disappoints’ When It Comes to Crypto
