SEC official wants more regulatory clarity following crypto incidents
Hester M. Peirce, a commissioner of the United States Securities and Exchange Commission (SEC), feels that recent occurrences in the cryptocurrency market would encourage U.S. authorities to devote more significant effort to establishing regulatory certainty.
As she highlighted in a July 28 interview with Bloomberg Surveillance: Recent crypto market activity has unquestionably focused regulatory minds in Washington, so it’s possible that crypto regulations could eventually get clarification.
Regulatory reluctance about crypto
Peirce explained the reluctance of global authorities to handle the cryptocurrency sector by stating, “it’s difficult to determine how it fits into our present regulatory framework and if we need to make adjustments.”
She also observed that certain elements inside the U.S. government do not like the notion of crypto flourishing, but that many are realising that crypto is here to stay:
In an interview, the official remarked, “There’s great benefit in enabling individuals to pick between different business models, and there are some folks in Washington who want high commissions to discourage trading, but that seems contradictory to me.”
She also emphasised her opinion that: People should be free to participate in transactions when both parties are ready to do so, and a regulator must have a compelling cause to intervene.
Finbold stated in June that Peirce is one of the most outspoken crypto proponents at the SEC. She has even questioned her agency’s methods regarding the certification of crypto spot exchange-traded funds (ETFs), encouraging it to “stop categorically banning spot crypto exchange-traded products.”