SEC Commissioner, Hester Peirce Calls For A ‘Safe Harbor Approach’ To Crypto Regulation In The US

Regulation of cryptocurrencies across various jurisdiction is picking up as blockchain technology innovations and associated digital assets take root. The talk of the week is definitely Facebook’s Libra cryptocurrency screening in the U.S Congress, which has continued to be a big topic of discussion across the house. On Tuesday Hester Peirce, popular as Crypto mom, spoke to Ripple Inc.’s Asheesh Birla.

Earlier on Tuesday this week, the prominent Securities and Exchanges Commission (SEC) commissioner and cryptocurrency enthusiast, Hester Peirce, alias Crypto Mom, spoke at the Fortune Brainstorm Tech Event 2019 on the regulation processes of cryptocurrencies in the U.S. The field has been plagued by massive fraud and hacking attempts in the past few years, a problem which Peirce claims is a result of the popularity of the space, and not a fundamental flaw in the ecosystem.

“People who want to steal money from others think, oh what’s popular today and they craft their fraud around whatever is popular. As it so happens, crypto is currently popular at the moment. […] But that is no different to the garden of frauds we have seen in the past.”

Ripple’s Asheesh Birla talks to Crypto mom, Hester Peirce, on Fortune Brainstorm Tech event 2019 (Source/ YouTube)

Ripple’s Asheesh Birla further asks Crypto Mom if the closed set of rules for SEC will limit the commission from rightly regulating the cryptocurrency industry. The regulatory framework in the U.S is an issue for the cryptocurrency projects in the country as they lag behind other countries like Japan who have a set of working regulations on the field.

“A Safe Harbor Approach On Crypto Regulation”

Hester believes that securities laws have been around for a while and are flexible enough to accommodate cryptocurrencies and blockchain technology. She cautions that the SEC may take a bit of time as it prefers to be slow and right rather than fast and false in making the regulations. The SEC commissioner said,

“I believe a safe harbor approach might be the right approach in this space.”

Peirce however does not own any cryptocurrency rather does she advocate for any cryptocurrency as she aims on the industry’s future not one single project. She explains that she aims to see capital inflows into a “right investment vehicle” in the crypto space without investors risking their funds.

“Have you ever bought Bitcoin? No. I have not, we don’t want to get conflicted in these things.”

Hester Peirce, SEC commissioner, speaks on crypto regulation in the United States of America (Source: YouTube/ Fortune Magazine)

Hester Peirce has long been calling the public to explain the industry to the commission to allow a faster and more inclusive regulatory framework in the field. Earlier in June, Crypto Mom released a statement on the state of cryptocurrencies asking for guidance in the field.

Ripple Inc. recently announced a partnership with the Islamic Bank of Kuwait as it continues its expansion plans across the globe. The stringent laws – or lack thereof – on cryptocurrencies in the U.S is harboring the progress of the company hence the expansion in the Middle East, Asia and Australia.

Despite the efforts of its custodian, XRP continues lagging in the price charts, trading at $0.312885 USD across major exchanges. This represents a 4% gain in the past 24 hours with the market capitalization standing at $13,401,727,550 USD.

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