[Blockchain Today Correspondent Kim So-yeon] U.S. Securities and Exchange Commission (SEC) executive Hester Peirce has once again urged regulators to stop trying to over-regulate the cryptocurrency world.
According to a Cointelegraph report, Pierce, nicknamed “Crypto Mom” for his positive attitude towards cryptocurrency, opposes strict regulatory policies in an interview with the Financial Times on the 9th (local time). laid out the logic.
“I am concerned that several U.S. regulators are putting pressure on them to play a more active role in the $1.5 trillion cryptocurrency market,” Pierce said. In doing so, regulators are inherently repulsive to emerging markets, often at the expense of innovation.
The SEC commissioner warned that pursuing more stringent regulatory policies would prevent market participants from conducting peer-to-peer transactions. Rather than emphasizing government regulation, Pierce is oriented toward industry-led regulatory action.
He has long been a supporter of cryptocurrency self-regulation. Back in March 2019, Pierce argued for a cryptocurrency self-regulatory organization in an argument with current SEC Chairman Gary Gensler.
Pierce isn’t the only US regulator advocating cryptocurrency self-regulation. As Cointelegraph reported earlier, Brian Qintenz, chairman of the Commodity and Futures Trading Commission, urged industry insiders in February 2019 to create their own regulatory framework.
Japan has also created somewhat effective cryptocurrency self-regulations, with national cryptocurrency SROs liaising with government regulators on important legal and policy issues.
Pierce’s commitment to the latest cryptocurrency policy is expressed in a strong move to create stricter cryptocurrency regulations in the United States. Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler both said they would closely monitor the market.
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