Former US Ambassador: The SEC Is “Out Of Their Mind” And A Change Of Regime Is Required

A former US ambassador said that the SEC is out of their mind and there is a need for a change in regime. Check out the latest reports about this.

Trevor Traina, who is the founder and CEO of Kresus, has expressed his belief that mobile wallets which are non-custodial will become more comprehensive than just simple tools for storing digital assets.

He thinks this is necessary if non-custodial wallets are going to become apps with features that cater to the diverse needs of the Web3 community.

Traina, who is a former U.S. Ambassador to Austria and a serial entrepreneur, believes that this transformation is inevitable, and it will significantly lower the entry barriers to Web3, making it more user-friendly for everyone.

It was this vision of a comprehensive Web3 wallet that led him to venture into the blockchain and crypto world.

Traina, in his written responses to Bitcoin.com News, argued that non-custodial wallets will soon surpass hardware wallets in terms of security and user trust.

According to Traina, the need to frequently update or improve the security features of non-custodial wallets will make them more secure than hardware wallets in the future.

Traina also commented on the U.S. Securities and Exchange Commission’s (SEC) stance on cryptocurrencies.

He criticized the regulator’s approach and called for new leadership, stating that the SEC’s actions have resulted in only two of the 20 largest blockchain projects being based in the U.S.

“BCN: Some people believe that the crypto industry needs regulatory clarity and stability to innovate and thrive. What are your thoughts on the US Security and Exchange (SEC)’s current stance on regulating crypto where it considers most cryptocurrencies to be securities rather than commodities?

TT: I think the SEC is out of their mind and that a change of regime is required. When we think about the Internet, almost all of the most important companies are based in the United States. It is a tremendous competitive advantage. However, with the blockchain 18 of the 20 largest projects are located outside of the US. The United States simply cannot afford to be so hostile and so unclear with regard to such a key technology of the future.”

We suggest that you check out the complete original article in order to see what more Traina had to say about the matter.