SEC Commissioner Hester Peirce demands clarity in crypto regulation

Securities and Exchange Commissioner (SEC) Commissioner Hester Peirce has called for clear cryptocurrency regulation in an interview recently published on Reuters.

The cryptocurrency-friendly Commissioner said there is an urgent need for regulation as companies such as Tesla Inc, BNY Mellon Corp and Mastercard Inc. have shown their support for digital currency.

Often called “Crypto Mom” by crypto enthusiasts, Peirce has advocated for the need for clear rules to allow crypto assets to be widely used without fear of breaking the law.

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Pierce commented:

Hester Peirce, SEC

Hester Peirce

It’s not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look.

Electric car-maker Tesla announced its $1.5 billion investment in Bitcoin and the cryptocurrency hit record highs this month. Banking and financial services holding company BNY Mellon said it would help clients hold, transfer and issue digital assets and payment company Mastercard Inc announced it was opening its network for some crypto assets. Pierce pointed out that these events add to the urgency in needing a clear regulation.

Hester Peirce also said in her interview with Reuters that not enough time had passed to form policy from the Reddit provoked GameStop rally. She said it was “wonderful” that there were new investors and a wider range of market participants could improve price formation.

She said:

To see new investors participating in the markets is a good thing and of course we want them to be educated and skeptical.

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