In a current interview throughout Australian Blockchain Week, Hester Pierce, a commissioner on the US Securities and Trade Fee (SEC), expressed her views on the regulation of cryptocurrencies in america. Pierce, also known as “Crypto Mom,” emphasised the significance of avoiding overregulation and acknowledged the various functions of crypto past simply monetary transactions.
Pierce asserted that the regulatory framework mustn’t classify each expertise use as a “financial asset.” She highlighted the potential of cryptocurrencies to allow decentralized interactions, not solely in monetary contexts but additionally within the improvement of social media platforms. In accordance with Pierce, any authorized blueprint ought to undertake a cautious strategy whereas offering adequate readability to stop people from feeling discouraged from exploring new prospects.
In a tweet, Pierce additional emphasised the importance of investor safety whereas respecting their freedom to take a position as per their preferences. Putting a stability between safeguarding buyers and permitting them to train their selections is essential, she argued.
Concerning the present state of crypto rules, Pierce criticized the rigid nature of the present SEC regime. She believes that the authorized framework have to be adaptable to accommodate the evolving functions of cryptocurrencies and blockchain expertise. Pierce expressed her concern concerning the limitations imposed on discussing crypto freely inside her place and known as for a reevaluation of the present strategy to innovation.
Pierce instructed that the crypto trade ought to set up self-regulatory mechanisms to stop incidents just like the collapse of FTX. She advocated for the implementation of neutral and prudent mechanisms that safeguard buyers from monetary hurt.
The commissioner’s remarks replicate her perception that cryptocurrencies current a chance to reimagine innovation and necessitate a extra acceptable strategy from regulators. Pierce’s stance aligns with a rising sentiment amongst specialists, urging for a balanced regulatory atmosphere that fosters innovation whereas offering needed safeguards.
Because the cryptocurrency panorama continues to evolve, it stays to be seen how regulators will tackle these considerations and develop a regulatory framework that strikes a fragile stability between innovation and safety.
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- Source: https://cryptoinfonet.com/regulation/crypto-news-sec-commissioner-hester-pierce-calls-for-balanced-crypto-regulations/
