Tuesday, April 13, 2021

SEC commissioner Hester Peirce hopes 2021 will be a turning point for crypto regulations.

The Takeaway:

SEC commissioner Hester Peirce said at a virtual conference last week that she hopes this year will be a "turning point" for crypto regulation in the US.

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SEC commissioner Hester Peirce said at a virtual conference last week she hopes 2021 will be a “turning point” for crypto regulation in the US. Peirce, who has been nicknamed “crypto mom” for her support of digital assets, said US authorities have been spending an unreasonable amount of time focusing on the illegal uses of the technology rather than on its protective value.

 

Hester Pierce has maintained a pro-crypto stance. 

Hester Peirce outlined an exceedingly positive view of cryptocurrencies at the British Blockchain Association’s conference on March 15, saying their ability to function without the need for financial intermediaries could help those “living under the threat of harm by their families, people in their communities, or repressive governments.” “The disproportionate focus on illicit uses and the underestimation of the protective uses of crypto is one example of how evidence-based rulemaking is not yet the norm in crypto-regulation,” she said. “We can do better, and I hope that this year will mark a turning point for the United States, which in turn may spur other countries similarly to take a more sensible approach to crypto regulation,” Pierce added. 

 

Pierce also offered her views on the SEC’s decision-making over approval of BTC ETF.

Hester Pierce also offered her view on the SEC’s decision-making over approval of crypto exchange-traded products, given that at least ten firms have filed and so far failed to gain approval for the much-anticipated product. Meanwhile, three exchange-traded funds have already won regulatory approval in Canada. She further noted that the SEC’s constantly moving the goalposts for applicants are “unfair to innovators who spend ever-increasing amounts of money on attorneys and quantitative experts only to find that they have failed to hit a target that has moved once again.”

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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