In an interview with Bloomberg, Peirce mentioned whether or not the involvement of high-profile figures complicates regulation. She acknowledged the SEC’s limits and identified that the rise of meme cash provides new challenges. Peirce hinted that different authorities, akin to Congress or the CFTC, might have to step in.
Peirce denied being an business supporter when she was not too long ago named to go the SEC’s new crypto process pressure. She did, nevertheless, take problem with the SEC’s angle to crypto, claiming that it stifles innovation. She argued that regulators ought to assist new concepts as a substitute of blocking progress.
In the meantime, the meme coin market has dipped. Its complete price was $75.6 billion on the time of writing, a 1% lower over the day before today. All ten of the preferred meme cash skilled losses, with Dogwifhat (WIF) and Pudgy Penguins (PENGU) struggling essentially the most.
As traders flip their consideration to initiatives with sensible functions, celebrity-backed meme currencies have additionally had issue.
