Crypto Mom “says SEC is making slow progress
SEC Commissioner Hester Pierce, whose benevolent crypto attitude has earned her the nickname “Crypto Mom,” shared her thoughts on the current state of the crypto industry in the US and the effects of a slow regulatory response to the sector.
Proud to be accepted by the crypto community
As we all know, the US is slowly starting crypto regulation – a problem that seriously hinders the development of the emerging sector. The “U.S. The Securities and Exchange Commission (SEC), the country’s most important securities regulatory authority, focuses primarily on the risks posed by the new asset class, overlooking the problems that such an attitude poses.
However, a beacon of light within the unfriendly authority is Commissioner Heather Pierce. Their benevolent crypto attitude and demand for Bitcoin ETFs earned her the epithet “Crypto Mom”. Pierce is a favorite in the growing crypto community – and is known to not sugar-coat the reality the industry faces in the US.
Pierce was the keynote speaker at New York’s Solidus Lab Digital Asset Compliance and Market Integrity Summit (DACOM) September. The event offered
During the Q & A segment, she commented on the attention she received from the crypto community and said that it was an honor to be accepted by “a group of people who think and truly try in an original way to change the world ”
The US loses its technological advantage
Former NASDAQ Vice President David Weild asked Pierce about the efforts she had made in the SEC to speed up new regulations. In his opinion, lack of progress would make the United States “significantly less competitive.”
Pierce agreed that the lack of SEC activity is a pity on the US crypto market, but there are some ways in which the Commission could solve the problem. Pierce says the commission lacks “outside people” who could bring a breath of fresh air to the agency. However, hiring employees for a US government agency should prove more difficult than expected.
She also said that both investors and the SEC need to adjust their expectations. “If you ask for more leeway, you can not blame the government,” she said at the summit. The notion that risks and opportunities are all part of investment protection is a radical idea in the SEC.
“We tend to look at each product and say: This is really dangerous. Most people have portfolios. Maybe you want to balance secure assets with a cryptocurrency? “
To regulate them, the SEC would first have to agree on what cryptocurrencies are. When asked if she thought that cryptocurrencies were an asset or a mechanism, she replied that she considered them primarily as a transaction mechanism. Pierce added, however, that the value storage function of digital assets should not be abandoned.
The rest of the SEC has a “wide range of views” about what the new asset class should be called, she explained.