Stephen Peepels, chief legal officer at MANTRA, said that U.S. regulators have adopted a less "proactive" approach in the "crypto space" compared to other capital markets. Peepels made these remarks during the State of Crypto Regulations in the UAE and US Panel Talk at Binance Blockchain Week.
"Historically, the U.S.-led regulation and its capital markets are among the deepest in the world, because of the fact that the SEC and other regulators took a really proactive, forward-looking approach that allowed companies to innovate and grow," said Peepels. "And unfortunately, I think in crypto space they've kind of done the opposite."
According to a report by Social Capital Markets, fines imposed by the U.S. Securities and Exchange Commission (SEC) on the crypto industry surged by 3018% in 2024, increasing from $150.26 million in 2023 to $4.68 billion.
Social Capital Markets further reports that since 2013, the SEC has levied over $7.42 billion in fines against crypto firms and individuals, with 63% of this total occurring in 2024.
Binance Blockchain Week is described on its website as a conference that gathers innovators, founders, investors, regulators, and officials to discuss blockchain and Web3's future. The theme for this year's conference is "Momentum." The event's website states: "Momentum propels our industry, not only taking us through challenges but also leading us to our biggest achievements."
Peepels serves as the chief legal officer at MANTRA, where he leads discussions on regulatory issues and market trends. His expertise spans over 15 years in cross-border capital transactions, private equity, and compliance. He has advised corporations on regulatory challenges related to blockchain and cryptocurrency and guided multinational companies on trade regulations, sanctions, and compliance programs.
MANTRA is a blockchain platform focused on tokenizing real-world assets while adhering to regulatory requirements. It supports developers and users with low-cost transactions, identity verification, and Know Your Customer/Anti-Money Laundering (KYC/AML) compliance. Built on Cosmos SDK with Inter-Blockchain Communication (IBC), MANTRA facilitates secure cross-chain transactions, decentralized identity (DID), and governance.
