Pro-Crypto Hester Peirce, who is a member of the US Securities and Exchange Commission (SEC), warns Memecoin traders that they are alone when it comes to losing.
In a new interview on the bankless podcast, says Peirce, who leads the new Crypto Task Force of the SEC, says Memecoins possibly falling outside the purpose of the federal regulatory body.
She suggests that Memecoin traders should manage their risks and not rely on the government to save them if they suffer great losses.
“Only because there is something that is there and it is popular does not mean that it fits within SEC jurisdiction. So I just warn people not to assume that there will be a sec -controlling backstop for everything …
I am a strong supporter of people who have the freedom to be able to use their money how they want. But you should not assume that there will be a government agency to determine the rules for it or, at the end of the day when the price of something falls, to make you whole. That’s just not something you should expect. ”
Peirce adds that Memecoin traders must take responsibility for their own financial decisions.
“I would send the same message to settings that build things. Only because you grow up and you do something that you have a large footprint does not mean that the government arrives and you save when you are ready to go bankrupt, right?
So I think that if we really want to live in a place where people have choices, we have to accept the responsibility that belongs to those choices. People enjoy memecoins and many other types of things and that is completely fine, but do not assume that there is a sec -line presence. There can be again, facts and circumstances, but do not accept that. “
https://www.youtube.com/watch?v=_-k1lrfehoo
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