SEC Commissioner Hester Peirce, known for her pro-crypto stance, believes the US government can take three key steps to foster growth in the digital asset industry. She recently outlined these steps in a Fox Business interview.
Unleash the Potential: Stop Blocking Crypto’s Path
Peirce’s first suggestion is straightforward: stop hindering crypto’s access to essential services. This includes things like secure custody solutions. Essentially, let the industry access the tools it needs to thrive.
Clarity is Key: Defining the SEC’s Boundaries
Secondly, Peirce advocates for regulatory clarity. She suggests the SEC should clearly define what isn’t under its jurisdiction. This would help businesses understand which crypto activities aren’t subject to SEC rules.
Collaboration is Crucial: Working Together for a Better Future
Finally, Peirce emphasizes the importance of collaboration between regulators and crypto companies. She envisions a public dialogue to determine where existing regulations apply and where adjustments are needed. This collaborative approach, she believes, can lead to a more efficient and effective regulatory framework.
A Shift in the Winds?
Peirce and fellow Republican commissioner Mark Uyeda have frequently clashed with SEC Chair Gary Gensler over his tough approach to crypto regulation. Gensler’s recent announcement that he’ll step down in January following the new presidential inauguration could signal a potential shift in the SEC’s stance towards the crypto industry. His departure follows numerous high-profile enforcement actions against major crypto firms.
