“Crypto Mom” Peirce: SEC may follow the example of Wyoming to develop “new rules” for cryptocurrency regulation
US Securities and Exchange Commission Commissioner Hester Peirce’s most famous nickname is “Crypto Mom” (Crypto Mom), she said, if only digital assets are included in its existing regulatory framework, regulators may not be able to cope.
At the “Asia Pacific Enterprise Ethereum” online conference held today, Peirce said in an interview with Santander Bank’s Managing Director John Whelan that the SEC can learn from other methods of regulating cryptocurrencies, especially referring to Wyoming as “progressive”. Very large” regulatory agency. The Banking Commission of Wyoming approved franchise operations for crypto companies such as Avanti and Kraken in October.
In contrast, Peirce said that at the federal level, cryptocurrency and blockchain companies may “spend a lot of money, a lot of time, and a lot of pain” waiting for the SEC’s regulatory decision, but they will not get the results they want. Peirce said that the current regulatory framework of the Securities Commission may not be able to accommodate such a space for innovation.
“I definitely think we need new rules,” Pierce said. “Our securities laws are very flexible in design and can withstand the test of time. I think they can be done to a large extent.”
However, she added:
“I do believe that some of the problems caused by encryption technology have not been completely resolved by our existing securities laws. I hope to see more innovations in supervision.”
The US Securities and Exchange Commission commissioner has previously stated that despite the rapid changes in the cryptocurrency field, regulators are “very slow in providing guidance.” Despite this, she encouraged the company to contact the Securities Commission and cited the rare inaction letter issued by the SEC regarding the issuance of tokens. The SEC has issued three such letters stating that it “recommends not to take enforcement actions against platforms that issue digital currencies.”
In August of this year, Peirce began his second term as a commissioner of the US Securities and Exchange Commission and will remain in office until 2025.
