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Brock Pierce: Crypto Regulation is "Conceptually Good" but the "Devil is in the Details"

The Bitcoin Foundation chairman responds to comments made by SEC commissioner Hester M. Pierce during Blockchain Week.

On Thursday,  Brock Pierce responded to comments made during Blockchain Week by SEC Commissioner Hester M. Pierce on the subject of regulating the crypto and blockchain markets.  

In an interview with Roundtable, Pierce discussed the need to "alleviate the stress" that new markets are placing on old frameworks "in a way that meets the objectives of the financial regulators."

While Pierce did not disagree with those objectives in theory, he cautioned that "the devil is in the details."  

"Rules aren't bad, regulation isn't inherently bad," he said. "Just as technology is amoral, it's just a tool. How we use it and what our intentions are determines the impact it has. The concept of regulation as a thing to protect the people—conceptually that's good. But what rules do you pass? A lot of times we suffer from the law of unintended consequences. A lot of what we have is too many laws that are often outdated, or that didn't fulfill their intended purpose." 

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Brock said that crypto advocates and practitioners have a central role to play in ensuring future laws are constructive and based on an understanding of their subject. 

"It's important that we show up and have these conversations," he said. "How do we expect the regulators to make good decisions, create sensible rules, if they're not informed? So that responsibility lies on us." 

Watch the full interview: