Securities and Exchange Commission (SEC) Commissioner Hester Pierce said that all these years, the SEC has led retail investors to a less efficient means of trading bitcoins.
Pearce said the disproportionate focus on crypto applications has diverted limited staff resources away from other critical work. Over ten years, millions of dollars, time and manpower have been spent simply blocking these products.
She added that the SEC has very much abused administrative resources to instruct people on where best to invest and where not to invest.
“If these products had come to market the way other similar products typically come to market, we would have avoided the circus we’re in now…. We have alienated a generation of innovators. The industry logged hundreds of meetings, filed applications, findings and amendments, and ultimately had to resort to a costly legal battle to get us to where we are today,” Pearce concluded.