• Wed. Jun 7th, 2023

US SEC Commissioner Says Stricter Cryptocurrency Laws Will Likely Suppress Innovation

Jun 12, 2021

The digital asset friendly commissioner of the US Securities and Exchange Commission, Hester Peirce, requests nuanced digital currency legislation as various government agencies go after a much sterner regulation mandate.

The United States of America’s SEC commissioner, Hester Peirce, has urged the legislators once again to withdraw the attempt for a much sterner regulation of the digital currencies space.

While giving an interview to the Financial Times, the crypto-friendly commissioner, Hester Pierce, who is fondly given the nickname of Crypto Mom because of her optimistic take on digital currencies, proclaimed in opposition to the requirement for much stricter regulatory policies.

Following the commissioner, Hester Peirce, legislators by nature usually have a spontaneous reaction to upcoming marketplaces, frequently sacrificing innovation in the process.

The commissioner at US Securities and Exchange Commission has cautioned the pursuit of stricter regulation by politicians because of the prospect of eliminating the functionality for participants to put in effect p2p transactions. More willingly than highlighting government legislation, the commissioner advocates for market-led regulatory actions.

The commissioner herself is a long-time supporter of digital assets self-regulations. Three years before, in March of 2019, Hester presented the case for digital assets self-regulatory association in discussion with the present Securities and Exchange Commission’s chairman, Mr. Gensler.

There are other United States regulators that advocate digital assets self-regulations like Hester Peirce. Cointelegraph previously reported, the commissioner of Commodity Futures And Trading Commission, Brian, called out for market stakeholders to make a self-regulating eco-system back in 2019.

Presently, Japan is the only example that comes to mind when talking about effective digital assets self-regulation. Since Japan’s cryptocurrency self-regulating organization cooperated with government policymakers on significant policy and legal matters.

Hester’s most recent call for flexible crypto policies came after a hint of a big push for sterner digital currencies rules in the US. Gary Gensler and Janet Yellen both have stated to monitor the industry closely.

The IRS summoned the congressional authority to manage digital currencies. In May, the Department of Treasury announced the latest plan for digital assets service suppliers to report transactions that exceeds $10K in value.

In the meantime, Senate Banking Committee held a session to argue upon the problems related to a possible Central Bank Digital Currency. The report also suggests that the debate could carry on further to the wider crypto market.

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