SEC ‘Crypto Mom’ Hester Peirce Comments on the Need for a National Blockchain Policy
It is no secret that cryptocurrencies do not have a lot of support at all at the U. S. Securities and Exchange Commission (SEC). The one figure that generally supports the market in her decisions is Hester Peirce, AKA Crypto Mom. Now, she has pushed back an industry lobbyist’s call to create a national strategy for the blockchain sector.
This national plan, which was intended by the Digital Chamber of Commerce, has the goal of making the development of blockchain technology a priority for the United States. The initiative would see the development of blockchain-based technologies being supported in order to create clear policies and to have a strong set of regulations that could be positive to the industry.
The founder of the Chamber, Perianne Boring, has affirmed that the only way for the U. S. to be the lead in the technology is by creating a strategy and affirmed it was past the time to have a national blockchain strategy.
According to the Crypto Mom, however, the idea was not so ideal. She asked Boring what kind of actions she would see the government take and told her that she would rather see the private sector leading the Bitcoin and blockchain development than the federal government.
Peirce agrees that there is a need for clear regulatory guidelines, but she does not think that the government should participate a lot and partner with the private sector because, in her mind, the ideal would to just enact a good regulation and let the market solve this by itself.
Despite the fact that her response did not sound as pro-crypto as usual, it was actually pretty coherent with what Peirce defends. She believes in small interferences from the State and that entrepreneurs should lead the movement to innovation always.
What the innovators can do, she affirms, is to reach out to the SEC and to other agencies and try to understand the points that they do not understand well of the regulation so far, which could solve their doubts and enable them to act for themselves.
She has also affirmed that she acknowledges that the commission should issue clearer headlines but affirmed that they will need more examples first before they act on it.
A Difference In Perspective
An important point about Peirce’s discourse is that she seems to believe that the SEC is moving quickly in regulating the market, while basically everybody in the planet besides the SEC would believe that they are very slow in doing it.
She criticized the entrepreneurs and innovators for not cooperating more, too, as the SEC FinHub division was created last year and it only received five or six letters, which was, in her words, “pretty disappointing”.
If it depends on the SEC, it looks like the blockchain entrepreneurs will have to fend for themselves, as not even their major ally wants the government to help. Is that good or bad? That’s up for you to decide.