Hester Peirce, a member of the Foreign Securities and Exchange Commission (SEC), said that after a frightening year, industry participants must remember the true meaning of cryptocurrency.

In a speech at the Digital Currency Conference of the University of Connecticut, Pierce summarized some experiences and lessons from the difficulties in the data encryption industry last year. According to the operation specialist, 2022 will be a "terrible, horrible, terrible and terrible year" for both cryptospace and regulatory agencies. However, Pierce believes that some meaningful results can be obtained from a series of problems that occurred last year. She explained:

"This experience and lesson is based on the fact that the development of technology needs a long time, which usually must be closely combined with reform and innovation in other fields to fully develop its development potential."

In addition, the SEC Committee stressed that the cryptocurrency industry must always bear in mind that cryptocurrency is not intended to push up prices and countervail tokens to others. Pierce emphasized that business must be kept in mind. The bottom technology is "dealing with trust issues", and how people interact and trade with people they don't know. She explained:

"Traditionally, people have been looking for intermediary services or government departments to solve this problem, but cryptographic algorithms, blockchain and zero-knowledge proof technologies provide new solutions."

In addition, the operation commissioner also urged "those who believe in the future of cryptocurrency" not to delay the regulatory authorities in solving difficulties, but instead to take action to ban harmful practices according to law and encourage good behavior in the industry.

Pierce also stressed that the value of developing and designing cryptocurrencies lies in professionals. She pointed out: "The target group of Crypto depends entirely on the builders of this technology. It will not be a regulatory agency like me that lacks technical expertise and hesitates in the field.".

Last year was full of tests for those who believed in outer space. Despite the disaster, there are still some very good achievements in this field, such as its extensibility in the face of the test of the sales market, which to some extent lays the foundation for a stronger foundation.