SEC “crypto mom” Hester Peirce leaves this week. In a farewell interview with The Block, she reviewed the work of crypto regulation and also kept thinking about the developer protection and financial privacy that never got off the ground. In the crypto world, the last SEC insider who still had a say is gone; going forward, the enforcement camp will dominate the regulatory apparatus. The market didn’t react in the short term, but in the long run the industry’s communication costs will be higher.

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