The crypto founder going on the offensive in the industry's latest battle with the Securities and Exchange Commission called out a lack of understanding as a big problem among regulators., explained to Yahoo Finance at Monday's All Markets Summit that regulators are still learning that some of the code and protocols launched in the sector are no longer controlled by centralized entities, but rather communities.
"I think more broadly there is just an explosion of a lot of different projects that are coming into the crypto industry and usually when there is explosion of a new industry — some of which may not fit in nicely with existing regulatory or incumbent networks — I think that causes a bit of conflict and friction," Kwon said.
As the lawsuit further details, the SEC asked for documents that Terraform Labs said would be impossible to provide or unrealistic in scope. Kwon, who likened himself to a toymaker, says Terraform Labs doesn't function like a normal hands-on company after conceiving of products."We are creators of these products and once we create them we hand them off to the community, including the entire ownership of the protocols, and I think that takes some time and getting used to," he said.
The SEC did not immediately respond to Yahoo Finance for comment. For her part, SEC Commissioner Hester Peirce has
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