SEC member Hester Peirce said that the collapse of FTX could be a catalyst for regulations.
The collapse of FTX and its subsequent bankruptcy filing caused a great deal of trouble within the industry. Peirce is focused on looking on the bright side of this event.
Hester Peirce Talks About FTX
The member of the US Securities and Exchange Commission believes that the collapse of FTX is an event that could wake up US attorneys.
Speaking shortly before Bahamas-based FTX announced that it had filed for Chapter 11 bankruptcy, Peirce said that FTX’s collapse could be a catalyst.
According to Peirce, regulators need to establish clear rules.
“This doesn’t just mean imposing sanctions. But by thinking about it collectively, we need to know how we want to regulate this industry.”
Peirce said that if the SEC and CFTC coordinate, problems with the regulation of digital assets can be resolved productively and efficiently.
“It makes a lot of sense for the SEC and the CFTC to work together. Even before Congress takes action, we can jointly do a lot of work and get information.”
Hester Peirce did not say which agency should be responsible for regulating the crypto industry. In addition, she stressed that having a crypto-only regulator can cause problems.
