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.”
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.