SEC wanting to do more to have US Crypto Marker develop
The Securities and Exchange Commission, Hester Peirce, has come out openly to say that she believes there’s more the regulator can do to benefit the growth of the cryptocurrency space within the United States of America. This statement came from a speech Mrs Pierce made via video call to a crowd in California. This is her second time appearing on video chat to citizens of Palo Alto, California to make a speech regarding what SEC plans on doing in the cryptocurrency space.
Mrs Pierce during her speech mentioned how she is worried that the regulator will constrain innovation by creating biased regulation. She as the commissioner would rather have a “Regulatory Beach” than a “Regulatory Sandbox” for traders. The sandbox method would be constricting while the beaching method would allow for numerous forms of crypto to be regulated.
In the speech, she noted that she hopes that her fears are misplaced and that every one a part of SEC will be on board with her decision to push forward with crypto legislation.
SEC’s Chaotic Approach
The Securities and Exchange Commission has been chaotic in its approach to crypto regulation. Openly to the public they’ve been splashing around numerous ideas regarding the management of cryptocurrency regulation without ever providing a clear message on what will happen. This is highlighted by the current lack of control in regards to brokers and companies in the cryptocurrency space.
The commissioner is well too aware of the lack of regulation and that it is crushing the potential of the American Crypto Market. Unfortunately, there are push backs from other forms of management in the company. This has what caused for Mrs Pierce to have such a difficult time with her quest to regulate the cryptocurrency industry.
Mrs Piece made an official comment saying, “Without a functional secondary market which encompasses broker-dealers and trading platforms that can legally trade digital securities, and advisers and funds that can buy and hold the assets, the primary market in the US will wither, and retail investors will not enjoy the protection our securities laws offer.”
Hester Pierce also went on to say that there needs to be guidance on which crypto tokens are securely regulated and which aren’t.