Pro-Crypto SEC commissioner has told crypto enthusiasts not to hold their breath concerning the commission’s acceptance of digital currencies.
February 12, 2019 | AtoZ Markets – Hester Peirce, a commissioner of the U.S Securities and Exchange Commission (SEC), has revealed that the commission might ignore the developments in the crypto and digital asset industry. Crypto mum as she’s fondly called, made this confession in a speech at the University of Missouri School of Law. The US SEC has a tendency to dissociate itself from the young industry. She said:
We rightfully fault investors for jumping blindly at anything labelled crypto, but at times we seem to be equally impulsive in running away from anything labelled crypto
Regulation Shouldn’t be Too Strict
Despite its fears, Peirce suggested that the SEC shouldn’t rush into enforcing regulations. According to her, in an emerging field like cryptocurrency, investors should be left to make their own thorough findings about any project they want to invest in. Strict regulation will strangle innovations and therefore the potentials of this industry will not be fulfilled. According to her:
We owe it to investors to be careful, but we also owe it to them not to define their investment universe with our preferences
Prior to this speech, ‘cryptomom’ has established her position on cryptocurrency and regulation in one of her most recent tweets. She has in recent times showed her support to the crypto cause.
Regulation has been one of the major challenges of this industry. In the U.S particularly, regulation is seemingly not coming by any time soon. Crypto innovation is still alien to many countries’ regulators as they don’t know what exactly they are regulating. She believes regulation would still come but not very fast. While she does not support strict regulation, she has also given her support to regulators. It has never been easy for entrepreneurship and innovation when it comes to regulation. She hinted that regulation will need more time which would probably give operators in the crypto industry space to develop organically.
About Crypto Mum Hester Peirce
Since her public dissent against the SEC last year when the commission denied Winklevoss’ Bitcoin ETF application, Hester has become a friend of the industry. She appealed to her colleagues to be less strict on Bitcoin ETF. She has since been dubbed ‘Crypto mum’. Her advocacy on the SEC floor has won her supporters in the industry.
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