The Crypto mom fired back on the comments the SEC chair Gary Gensler made when he compared Bitcoin with the “Wild West” and said she is able to provide a different angle to the reference so let’s read more in our latest Bitcoin news today.
SEC Commissioner Hester Peirce or known as the Crypto Mom talked at the Texas Blockchain Summit and discussed some statements the SEC chair made when he compared bitcoin and other cryptocurrencies with the Wild West. The Crypto mom fired back and used the metaphor to point out how the crypto and the Wild West are similar in that people created places that they use and are eager to build a new future in a promising place. She talked about a way forward to regulate crypto driven by those that want to escape from the state societies:
“The Western frontier was a place for the adventurous, the rough around the edges, the idealists, the free-thinkers, and the restless.”
If government wants to bring law to crypto, it should behave lawfully: https://t.co/bFbwgDGgkp
— Hester Peirce (@HesterPeirce) October 12, 2021
The crypto industry is also an adventurous place and it has some difficulties that were experienced by those communities that are looking to create this new world. She even offered an explanation of the Wild West as a place that allows the people to find order and organization beyond this reach of the public sector:
“The crypto frontier, like the Wild West, appears pretty wild at first glance: home to lots of code slingers and speculators and some hucksters too, this new West also has its inter-and intra-protocol fights, friendships forged through shared difficulties and successes, colorful personalities, passions, dreams, hardships, spectacular failures, and remarkable victories.”
The commissioner described a picture that compared crypto and the entire industry not as the SEC chair Gary Gensler and others in the government try to picture it as well. Peirce described it as a sector that is capable of creating its own norms. The Crypto Mom added:
“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.”
Crypto Market Cap approaching previous highs in the daily chart. Source Tradingview
Peirce went on to question the legal clarity around crypto and the position seems to be that there’s clarity but the action taken against these projects proves to be even more complicated in practice.