Crypto Mom SEC Commissioner Is Afraid of “Heel-Dragging” Will Slow Bitcoin Crypto's Innovation

The possibly only member of the U. S. Securities and Exchange Commission (SEC) which is loved by the crypto community, Hester M. Peirce, is currently worried that regulators are moving way too slowly in order to regulate the crypto ecosystem that is being created in the country.

She spoke while addressing some other regulators on the Securities Enforcement Forum, which happened in Palo Alto, California, at the heart of the Silicon Valley. According to her, she was already concerned about a year ago that the slow regulation provided by the SEC would stifle the local growth of the blockchain tech and put the U. S. behind the rest of the world.

Hester affirmed that she was wrong before because it was not a question of whether the SEC would stiffle innovation but how it would do it. Instead of being too heavy-handed in enforcing innovation, the SEC has been too slow on proposing regulation and clarifying it, which is a whole new problem.

She believes that her worries were actually wrong as the SEC did not impose a harsh regulation but it simply stood still while it should have been taking care of the crypto space instead. It is waiting too much time before taking any kind of meaningful action to help the ecosystem that is being created at this very moment.

Acording to Hester Peirce, the SEC has done a great deal of effort in order to reach out for some companies, but the problem is that some its tools, like the Howey test, which deems whether something is a security or not, are considerably out of date in her opinion.

She did credit the SEC for being open to communicate with all the new startups, though, as she affirmed that the FinHub created by the SEC was a good measure on the entity’s part and that it was helping in startup outreach.

The problem, though, is that some aspects are moving way too slowly like the SEC simply do not providing any kind of guidance for some core questions which innovators want to know about. For instance, several companies interested in entering this market are basically in waiting mode as the agencies decide when to answer their important questions.

She ended by affirming that the securities market of the United States was always considered to be the “envy of the world” and that the heel-dragging by the SEC can actually turning this reputation into dust, so she is making an effort to call out her colleagues so they can regulate the market better.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,235FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today