Esther Pierce: «the development of cryptographic regulation should not be hasty.»

10.11.2020
«first-p»>SEC Commissioner Hester Peirce said the U.S. government is slower than the private sector, but this trend is not necessarily negative.

Hester Peirce expressed her opinion at the conference Bitcoin for Advisors
and spoke about the US Securities and Exchange Commission (SEC) approach to innovation in financial technology, including cryptov currencies;

«Regulators are slow, and there’s a reason for that. We need to develop a process so that we can be sure that people notice changes in the rules and can express their opinion on this,» she said;

Ideally, rules and guidelines would not limit what technologies can be used, allowing innovators to create a wide range of compatible tools and platforms. However, Pierce noted that some rules are very outdated. She said she would like to speed up the agency’s work in certain areas, citing cryptov currencies as one example;

«The SEC structure was created in the 1930s and 1940s and expanded over time,» she said. «Now there are areas, including the cryptovoltaic industry, where we will have to make adjustments, and I really think we should move faster … I’m impatient in this respect;

According to her, usually agency employees approve or disapprove of launching financial products like ETF. The five SEC commissioners usually don’t interfere, but «in the case of ETFs on bitcoin, we were in the discussion,» she said;

Asked about the future direction of the SEC, taking into account the policy of the new U.S. president, Pierce said regulators will continue to create a regulatory framework for cryptographic currency. She also pointed to the fact that there are congressmen from both parties who are optimistic about the cryptic currency and said there is bipartisan support for this sector;

In October, Esther Pierce stated that the recent actions of U.S. regulators against BitMEX are a «red flag» and a warning to the entire cryptographic business. Earlier Pierce also named
the growing industry of decentralized finance (DeFi) is «revolutionary», but has also recognized possible problems for regulators;