Hester Pierce, a commissioner of the Securities and Exchange Commission (SEC), has criticized bailouts in the crypto space. Pierce argued that the sector could let everything play out to boost its sustainability.
SEC commissioner opposes crypto bailouts
Pierce is one of the most vocal commissioners in the SEC. She has previously supported developments in the sector and recently appeared in Forbes to talk about the ongoing market crash. The commissioner said that while the crash was painful, it could separate weak and strong projects.
“When things are a bit harder in the market, you discover who’s actually building something that might last for the long, longer term and what is going to pass away,” Pierce said. The commissioner also said that bailouts were not recommended for weak projects and failed to manage risks.
According to Pierce, crypto did not have a model that supported bailouts, adding, “I don’t want to come in and say that we’re going to try to figure out a way to bail out if we don’t have the authority to do it. But even if we did, I would, I would not want to use that authority, we really need to let these things play out.”
The crypto market has been in turmoil over the last few months. The ongoing bear market has affected most companies operating in the space, with decentralized finance (DeFi) firms such as Celsius Network and Babel Finance shutting down withdrawals. Crypto exchanges, including Gemini, Coinbase, and CryptoCom, have announced they will lay off staff.
Sam Bankman-Fried rettet Krypto-Unternehmen
Sam Bankman-Fried, der CEO der Kryptowährungsbörse, hat einen mutigen Schritt unternommen, um Unternehmen zu retten, die aufgrund des aktuellen Absturzes in Schwierigkeiten geraten sind. Am 21. Juni sagte Bankman-Fried, dass er zusammen mit FTX 250 Millionen Dollar Kapital in BlockFi einsetzen werde.
Diese Mittel würden dem Kreditunternehmen helfen, seine Bilanzen zu stützen und das Wachstum zu unterstützen. Die Rettungsaktion erfolgte Tage, nachdem Alameda Research angekündigt hatte, Voyager Digital einen Kredit in Höhe von 200 Millionen USDC zu gewähren. Bankman-Fried ist auch Mitbegründer von Alameda Research.
Anthony Scaramucci, der Gründer von SkyBridge Capital, sagte, Bankman-Fried sei wie John Pierpont Morgan, der seine eigenen Mittel verwendete und andere davon überzeugte, dies in der 10-7 Bankers' Panic zu tun. Er fügte jedoch hinzu, dass der aktuelle Crash von Marktteilnehmern und Aufsichtsbehörden als Lerngelegenheit genutzt werden könnte.
