In my opinion people should not be regulating things they don't understand. Hester Pierce does not understand crypto if she thinks it is financially innovative. Maybe technically innovative. But as Warren Buffet observed a high tech check book is still just a check book. Nobody considers a check book a valuable asset on its own rather the underlying asset (account balances) is what has value. What is the asset underlying the bitcoin checkbook? Sunk costs? Greater fools? Rent seeking?