SEC commissioner Hester Peirce mentioned the urgent need for clear crypto regulations amid the adoption of digital assets by leading companies like Tesla and Mastercard.
February 15, 2021 | AtoZ Markets – The adoption of bitcoin by large companies requires the early implementation of clear regulations, Commissioner of the US Securities and Exchange Commission (SEC) Hester Pierce told Reuters.
Peirce is known for her crypto-friendly stance and the community also nicknamed her as ‘Crypto Mom’. She asked for clear cryptocurrency regulations to remove the uncertainty regarding the status of digital assets in the US.
Hester Pierce Demands Clear Crypto Regulations
In her opinion, the authorities should create norms for the cryptocurrency industry that would allow it to flourish.
“It’s not only that there have been calls for clarity for some time, and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look. That adds to the urgency of us taking some sort of action in this area to provide more clarity,” Peirce said.
Earlier, the oldest US bank, The Bank of New York Mellon, announced the expansion of the range of services with operations with bitcoin and other digital assets.
In December 2020, the SEC Commissioner questioned the current regulatory framework’s ability to accommodate cryptocurrencies and called for a more innovative approach.
In the same month, Pearce said that regulators should move away from excessive regulations on the industry and the decentralized finance sector.
As AtoZ Markets reported earlier, Morgan Stanley, one of the largest investment companies in the world, is considering plans to invest $150 billion in bitcoin. Recall too, that in February 2021, Elon Musk’s Tesla invested $1.5 billion in bitcoin.
The MasterCard payment system has promised to introduce direct support for cryptocurrencies in 2021, and the financial holding JPMorgan Chase has announced its readiness to add digital asset trading when there is demand.
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