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On October 08, 2021, Hester M. Pierce, SEC Commissioner in her speech: Lawless in Austin at the Texas Blockchain Summit expressed her views about the common reference to the cryptocurrency landscape as the “Wild West.”
Hester M Peirce always makes it clear with a disclaimer that her views are her own and that it is not of the SEC or their fellow commissions.
Since, she is interested in what her colleagues have to say, she states that Gensler’s habit of calling the cryptoverse the Wild West captured her attention.
She also pointed to how Gensler is not alone when making the statement. Wild west in a way means lawless “a society in which the gunslinger with the best reflexes and worst morals wins at everyone else’s expense.”
Thus, the term wild west when applied to the crypto landscape can mean roughness and lawlessness.
Hester M Peirce, SEC Commissioner expressed: If government wants to bring law to crypto, it should behave lawfully.
Noteworthy, “It appears in the absence of formal government, that the western frontier was not as wild as legend would have us believe. The market did provide protection and arbitration agencies that functioned very effectively, either as a complete replacement for formal government or as a supplement to that government.”
Because crypto is built on code, the code itself serves as a governor of conduct. But crypto is built on people too, and these people hold each other accountable not only through unbridled public discourse, but through using or not using a protocol.
Those who want to know more should read the transcript for the entire speech.
Community response: Have you disclosed the size of your personal crypto portfolio?
Thank you, Commissioner. Our crypto industry is a shining light in this country in a sea of darkness, bringing innovation and hope to millions. Its participants don’t need or want to be protected against themselves. Let it breathe. Let it be. You won’t regret it.
Why is corrupt SEC promoting failed Chinese ponzi coins that have no use case and destroy our planet with mining, but SEC declared real utility tech XRP (that actually functions and uses 100,000% less energy than Bitcoin) as being illegal. How has Congress allowed this impunity?
Hester, an absolute legend. Brave, intelligent, fair, inclusive and forward thinking. If it wasn’t for the very few people like you in positions of authority the retail investor would eventually be no more. I wish u health and success.
Out of interest, what is the process for sacking a sitting chair of the SEC? Vote of no confidence? Asking for a friend.
The fact that the SEC adopted Hinmans so called personal opinion. Why is the Director of Corporate finance announcing to the world what is not a security, without going through internal consultation? Why even adopt this if only opinions? I will wait?
She doesn’t just get it. She works hard to understand it. There is a difference. Thank you for standing up for what’s right, Commissioner Peirce! You are appreciated! Would love to hear a recording or see a video of this speech if it’s available sometime. Thank you for doing what you do!
The full speech is available in the SEC website.
