Hester Peirce, a crypto-friendly Securities and Exchange Commission (SEC) Commissioner who is scheduled to retire on October 2 (local time), stated, "I still feel regretful that we didn't try to establish cryptocurrency regulatory policies earlier." In an interview with The Block, she added, "The U.S. crypto industry has lost a lot by being caught up in unnecessary regulatory and enforcement battles. It would have been better if both regulators and the industry had focused their energy on building a good regulatory framework that better protects investors and developers. That would have created a more unfavorable environment for those who exploit the name of cryptocurrency for malicious purposes." She continued, "While regret remains, this will be an important lesson. It's an example of how long the consequences can last and how many people can be harmed when moving in the wrong direction for a long time." She further stated, "There is a fundamental problem that the government needs to solve: making developers feel protected. Even if someone misuses the tools they create to commit illegal acts, developers should not feel the burden of responsibility and should be able to focus on their research with peace of mind. We also need to consider how to develop and apply new cryptocurrency technologies more efficiently and effectively while protecting the personal information of Americans." She concluded, "I regret not being able to participate in these efforts." Peirce, who is concluding nearly nine years of service at the SEC, is scheduled to join Regent University School of Law as an associate professor starting in November.
