SEC Commissioner Hester Peirce Says Crypto Innovation Is Prevented From Happening In A Healthy Way
Categories: Crypto News US
SEC Commissioner Hester Peirce Says Crypto Innovation Is Prevented From Happening In A Healthy WayHester Peirce was interviewed during the DC Blockchain Summit this week, and when asked if crypto could be regulated by existing banking frameworks, as proposed by Gary Gensler, chairman of the SEC, Peirce replied that in her view some areas could come under existing regs, but that there were other areas where “exemptions” and “adjustments” were needed. However, the commissioner had the strong conviction that it was very important to allow innovators to “experiment with different models”, but that this should be done “within regulatory guardrails”.She believes that congress needs to clarify the roles that the SEC and the CFTC are to have as regards crypto. She thought that maybe the SEC could be assigned to retail exchanges for example, but said that it was up to congress to make these decisions. She said that there was a lot of work to be done within the SEC authority given that traditional financial institutions are looking to dip their toes in the crypto sector, and that they would definitely need “guidance” and “clarity” from the SEC.She thinks that this will take a lot of work from the SEC but had not seen that the agency was willing to do this work as yet.Finally, when asked if the US needed a central bank digital currency (CBDC), she replied that in her view there were private stablecoins out there that could play this role, and the advantage of this was that they allow for competition.