Peirce pointed out that while the SEC works slowly, there are issues that it should speed up, such as cryptocurrencies.
The representative of the US Securities and Exchange Commission (SEC), Hester Peirce – better known within the digital currency ecosystem as “Crypto Mom” – pointed out that there are compelling reasons why the local government and Regulators are so slow in the progress on regulations regarding cryptocurrencies.
Peirce’s statements took place during the Bitcoin for Advisors online event, organized by the CoinDesk team, where the official assured that the SEC is gradually approaching a good spot for new financial technologies, which include digital currencies.
In this regard, Peirce commented:
“Regulators are slow and there is a reason this is so. We need to have a well-established process to make sure that when we change the rules, people know that we are thinking of making changes and can express their views”.
Regarding the weight of the regulations, Peirce assured that they have no intentions to limit the use of technologies, so the idea is that they guide a guide for innovators to build a wide range of tools and platforms.
However, according to Peirce’s statements, there are very outdated regulations that do not conform to the current state of new technologies, so its vision is that the SEC should go faster with certain areas, specifying especially the case of cryptocurrencies:
“There are circumstances where we have a framework in the SEC dating back to 1930 and 1940, and they have been added over time. Certainly, now that we are looking at what is happening in the crypto space, for example, there are areas where we have to make adjustments and I think we should move faster… I am impatient for that”
Going deeper into the latter, Peirce highlighted two areas in which, in his view, the SEC could move more quickly: The first has to do with allowing new cryptocurrency offerings to operate within a regulatory framework of reference. While the second is related to enabling more access to Bitcoin for the retail sector, highlighting regulated products such as an ETF (stock exchange-traded fund) for the digital currency.
The official noted that, like her, other SEC officials have expressed their views regarding a Bitcoin ETF, but that there is still some way to go before reaching a total resolution.
On the other hand, Peirce highlighted that other elements can be a bit more complicated to consider, such as the approval for stockbrokers that provide services with digital currencies in the United States, because its operation is already the responsibility of other regulatory authorities.
Regulators will continue their work on cryptocurrencies
Taken into account that recently the elections held in the United States apparently gave former Vice President Joe Biden the position of the winner amidst a legal request by the Republican Party of recounting votes of the entire process, Peirce assured that this does not affect in any way the line of work that the SEC has been conducting to date, so it is very likely that the regulatory body will continue working on the approach to cryptocurrencies.
In this regard, the SEC official commented that this issue is a priority even for congressmen within the Republican Party as well as for representatives of the Democratic Party, so digital currencies will continue to be a priority issue in the upcoming months.
By: Jenson Nuñez.