> Millions of people lost savings in the wake of FTX, FTX...which was a regulated exchange in the US and failed because the SEC wasn't regulating. The issue w

> Millions of people lost savings in the wake of FTX, FTX...which was a regulated exchange in the US and failed because the SEC wasn't regulating. The issue with expanding the SEC's reach is that they're refusing to do their job and they're asking for more work that they aren't going to do. Commissioner Hester Peirce has a great statement on this: https://www.sec.gov/news/statement/peirce-rendering-inovation-2023-04-12 https://www.sec.gov/news/statement/peirce-rendering-inovatio... We also see this statement in the article: > The officials estimated about dozen crypto firms would fall under the expanded definition, but declined to provide any more specifics about which firms. Which means that the SEC isn't creating clarity about their proposed changes and the effects that they will have. They need to create clarity before asking the public to comment on something. If the SEC had been doing their job all this time and regulating the industry which they claim falls under their jurisdiction, people probably would have been saved from a lot of scams and loss of assets while still enabling blockchain products to be built by people who enjoy working on them.