SEC official Hester Pierce calls for clarity in crypto regulations

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Securities and Exchange Commission (SEC) official Hester Pierce calls for clear cryptocurrency regulations amidst plans of adoption by major companies such as Tesla, Visa, Mastercard, Paypal and BNY Mellon.

She said that this development should add to the urgency to provide more clarity to the regulations regarding digital currencies.

‘It’s not only that there have been calls for clarity for some time [now] 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,’ Pierce said.

During the Crypto Finance Conference last January 20, Pierce also said she was looking forward to working with a Biden-appointed chairman.

‘There have been quite a few changes in the last year, and so I think a change in leadership is a good opportunity to take a look at those changes, including institutionalization… I think all of these things will provide a nice framework against which a new chairman can take a fresh look at questions across the board,’ Pierce said during the conference.

Pierce has long advocated for clear regulations in favour of digital assets, which gave her the nickname ‘crypto mom’ by cryptocurrency enthusiasts in the US.

Last October 2020 during an interview with Cointelegraph, the Republican SEC Commissioner already voiced her concerns over the conservative approach by the SEC on cryptocurrency.

‘While we’ve been very slow in giving guidance, there is more and more interest from a wide spectrum of people, both inside the crypto space as well as inside the traditional financial institutions who are asking us for guidance,’ Pierce said during the interview.

Pierce also added that she hopes the SEC can be ‘friendlier’ to digital asset innovators so they can receive needed guidance and support from the government to help the market move forward.

Last December 2020, Pierce echoed this stance once again during the ‘Ethereum in the Enterprise’ online conference. She said that SEC could learn from other approaches already made in regulating crypto such as Wyoming’s banking board that approved charters for crypto firms like Avanti and Kraken.

‘I do think there are some issues that crypto raises that are not neatly solved by our existing securities laws. I would like to see a little more innovation on the regulatory side,’ she declared.

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