SEC Commissioner Hester Peirce has suggested in an interview with Forbes that she would oppose bailouts for crypto projects, though she remains friendly toward the space.
Peirce Condemns Crypto Bailouts
Following TerraUSD’s collapse and Celsius’ decision to freeze withdrawals, market prices have fallen drastically. The price of Bitcoin is now $20,800, its lowest since December 2020.
Hester Peirce, however, has suggested that the ongoing bear market will help build a stronger foundation for the crypto industry. Peirce commented that the present moment is “not only for market participants to learn but… also for regulators to learn.”
Though some companies may seek bailouts, Peirce suggested that bailouts are outside the Securities and Exchange Commission’s authority. Furthermore, she said that she does not support bailouts for cryptocurrency companies.
She added that crypto “does not have a bailout mechanism” and that this absence is “one of the strengths of that marketplace,” implying...
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