SEC’s Hester Peirce Talks To The Crypto Community About Legislation: “It’s Still A Slow Process”

Can we ever get enough of Crypto Mom and SEC Commissioner, Hester Pierce? Probably not. As one of the most crypto-vocal lawyers in the commission, Pierce is once again calling for swift formation and implementation of regulation to govern the cryptocurrency industry.

This comes in the wake of recent loss in businesses in the cryptocurrency industry by the economic superpower to lesser economies with regulations already in place.

In an interview held earlier on Friday, Hester lift off the lid over the current uncertainty in formulating regulations for the cryptocurrency industry. She says the commission has been working hard for the past year to collect relevant information and listening to opinions from various expert stakeholders on the way forward. She further said,

“It’s still a slow process, we are trying to get our hands around certain aspects of how the law applies to this area. I will continue pushing for clarity but it may take some time.”

Regulation will prevent loss of businesses

In the past few months, a number of companies in the crypto space – including Circle, who relocated to Bermuda – have moved their businesses elsewhere due to the lack of clarity in the field’s regulation.

Hester believes regulatory certainty in the field will not only prevent the massive exodus currently happening, but also bring back the companies in foreign states to the country.

“We certainly don’t want people to feel they have to go offshore to put one of those (crypto) projects in place. I think its regulatory clarity that will draw people back to the U.S.”

 

Despite the process being slow, Peirce said the commissioners are working on laws that will not stifle development of the industry. She further calls on the cryptocurrency businesses to go talk to the commission staff on their goals to receive recommendations on the way forward. She said,

“We need to be proactive in providing clear rules and guidance so that people know what to comply with. And then, we can hold them accountable for not complying with it.”

Crypto Mom – as she is widely referred to across the crypto world – spoke in June on the slow process of regulation and how it affects the growth of Bitcoin and the blockchain industry.

As a crypto enthusiast, Peirce has severally called on the community to come forward and share their views to hasten the process of formulating regulations.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[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

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