The rapid growth in crypto assets has challenged regulators, and that challenge will only increase along with institutional investor interest in digital assets, SEC Commissioner Hester M. Peirce pointed out in a recent speech. We explore those and other key points from Peirce’s remarks, including the legitimate and potentially illicit uses for cryptocurrency, the focus of rulemaking and the SEC’s pilot program, the dangers of regulators taking an overly conservative approach, and the need for regulatory clarity. See “Virtual Currencies: Opening a New Avenue for Financial Crimes” (Mar. 17, 2021).