SEC Commissioner Hester Peirce Says Cryptocurrencies Are ‘Becoming The Money Of The Internet’
United States Securities and Exchange Commission (SEC) Commissioner Hester Peirce, who is affectionately known as Crypto Mom by the community, recently spoke about how the U.S. can improvise the process for new regulations, and how the SEC enforces cryptocurrency fraud.
Peirce led a Q&A session that featured intensive discussion of the long run of regulation for crypto assets at the Digital Asset Compliance and Market Integrity (DACOM) Summit in New York today, Sept. 26 which was hosted by a law firm Hogan Lovells and Solidus Labs, a market surveillance tool provider.
Peirce agreeing to the moderator's belief points out the U.S approach to regulate the crypto-industry is to work within its current laws rather than introducing new ones. While drawing our attention to peculiar and notable options of the U.S. system she further explains that regulators are slow and that you shouldn't expect anything to work so quickly relatively as things can be moving fast for one's world but maybe not look the same in other's world.
Overprotective laws might weaken the United States' position in digital plus markets. SEC Commissioner Hester Peirce acknowledges that the regulator's slow response to new technology might damage the American blockchain sector.
She predicts regarding cryptocurrencies
“Store of value, I think, is a really important function. I do think that we'll see as technology changes, that they become much more the money of the internet,”
Despite snail's pace regulative changes, Peirce has remained assured within the long-run viability of the domestic cryptocurrency business, she further adds that America remains one of the leading destinations for firms trying to lift cash.
Peirce also noted that the SEC needs to “think about how we need to apply our enforcement resources” in the cryptocurrency space, adding that while the agency goes after fraud, they
“also brought cases against people who have done offerings and didn't register it.”