Hester Peirce, aka Crypto Mom, the Commissioner of the Securities and Exchange Commission of the United States, has time and again revealed her bias towards the crypto-verse. While regulators in the US have been trying to either ban or impose stringent laws on the crypto industry, Peirce has been urging them to go easy on the market.
The value of the crypto-verse witnessed a drastic rise this year which further pushed its demand to new highs as well. This demand proved to be overwhelming for many; however, most governments across the globe were seen embracing the digital asset market. While the US still weighs in on options, Crypto Mom decided to step up and once again asked regulators to slow down.
In a recent interview with Financial Times, Peirce highlighted that imposing strict policies on a promising market, such as the crypto industry, would hinder innovation. She pointed out that regulators would be keen on converting the crypto sphere to a market that they have regulated in the past. However, the whole innovation aspect would be affected by the same, she noted.
SEC Chair Gary Gensler endeavors registration of crypto exchanges
Alongside the SEC Commissioner, her colleague, Gary Gensler, the newly appointed Chairman of the financial regulator, was also seeking something related to the crypto-verse. While Crypto Mom continues to fight for less stringent laws, SEC’s Gensler was looking forward to setting up a federal regulatory regime for cryptocurrency exchanges.
In a recent Global Exchanges & FinTech virtual conference, Gensler addressed the entire crypto exchange situation and stated,
“Crypto assets are largely traded on exchanges, and the public should have investor protection regimes around them. We need a federal regime where they are registered and regulated.”
The regulatory clarity concerning the crypto-verse in the US has always been hazy. Several crypto platforms even bid adieu to the country due to the strict laws that exist in the region.