Jurisdiction may limit the SEC's capabilities in the face of rapidly evolving markets. The commissioner noted that the agency cannot pursue fraud without grounds for a securities law claim. She also stated that the SEC cannot block an ETF if sponsors comply with rules, provide proper information, and ensure listing on the exchange. The restrained approach of regulators should not be interpreted as approval, Pierce warned. Launching a product in SEC-regulated markets does not mean the agency considers it useful or sustainable. This distinction could matter, as cryptocurrency products, active ETFs, and other retail-oriented instruments continue to go through regulated exchanges and investment products. She also said that the SEC does not dictate how often retail investors can trade. The commissioner stated, "Don't expect a bunch of prescriptive rules to emerge." In conclusion, Pierce expressed support for innovations that help investors, entrepreneurs, and growing companies. She highlighted tools that assist people in building resilient portfolios, understanding investment costs, and trading with lower expenses. No new rules regarding cryptocurrencies were announced in her speech, but she reinforced the stance of limited intervention, relevant to cryptocurrency markets, ETF issuers, and platforms serving retail traders.