Hester Peirce, the United States Securities and Exchange Commissioner says that the crypto space needs some space to grow more but also for more innovation as we are finding out today in the coming altcoin news below.
While she was speaking during the Bakkt Digital Asset Conference, the ‘crypto mom’’ as she is usually referred to as, stated that the crypto regulators need to make some room for digital innovation. According to her, actors such as the SEC regulator should move away from just being ‘’ merit regulators’’ and to allow all of the users and participants to decide whether an asset is worthy of investment. She opined:
‘’We need to allow people that are interested in this space [crypto] to be involved with it in a way that is within the regulated framework. Understanding that investors have to make their own decisions, we can’t make those decisions for them.’’
There is some growing discontent among some of the crypto businesses in the country about the current patchwork of state and federal laws that often shuts down the blockchain innovation in America. After shooting out warnings about the restrictive states of the US crypto regulations, Circle was one of the companies that eventually moved the Poloiex crypto exchange offshore. For Hester Peirce, the Securities and Exchange Commission is not really quick to embrace innovation but they want to remain in the status quo. The Commission attempted to use old regulations in order to fit emerging cryptocurrency asset class. She noted:
‘’It is very natural for regulators to be conservative because if we make a mistake then people are going to come blame us and I know if people lose money, they always come blame the regulator.’’
Another SEC chairman Jay Clayton has stated for a long time that initial coin offering tokens are just as securities. However, according to Peirce, this habit of the SEC does put the country at a disadvantage in the digital economy. Other places in Europe and Asia have already taken multiple steps in claiming pole positions in the crypto landscape. The crypto mom as we read in the latest cryptocurrency news stated that with the absence of significant changes, the United States will fall behind these countries.
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