Crypto News

‘New rules’ for SEC could follow example set by Wyoming, says Hester Peirce

, ‘New rules’ for SEC could follow example set by Wyoming, says Hester Peirce

“I do think there are some issues that crypto raises that are not neatly solved by our existing securities laws,” said the SEC commissioner.

Hester Peirce, commissioner for the United States Securities and Exchange Commission and best known by the affectionate nickname “Crypto Mom,” says the regulator may not be able to get by if it simply incorporatesng digital assets into its existing regulatory framework.

In an interview with Santander Bank Managing Director John Whelan for the ‘Ethereum in the Enterprise – Asia Pacific’ online conference today, Peirce said the SEC could learn from other approaches on regulating crypto, specifically citing Wyoming as an “extremely progressive” regulator. The state’s banking board approved charters for crypto firms like Avanti and Kraken in October.

By contrast, at the federal level, Peirce said cryptocurrency and blockchain firms could “spend a lot of money and a lot of time and a lot of grief” waiting for a regulatory decision from the SEC without getting the results they want. Peirce said the commission’s existing regulatory framework may not be able to accommodate such an innovative space.

, ‘New rules’ for SEC could follow example set by Wyoming, says Hester Peirce
Hester Pierce at Ethereum in the Enterprise 2020

“I absolutely think we need new rules,” said Peirce. “Our securities laws are designed to be quite flexible to stand the test of time and I think they largely do.”

However, she added:

“I do think there are some issues that crypto raises that are not neatly solved by our existing securities laws. I would like to see a little more innovation on the regulatory side.”

The SEC commissioner has previously said the regulatory body was “very slow in giving guidance” despite a rapidly changing crypto landscape. She nevertheless encouraged firms to approach the commission, citing the SEC’s rare issuance of a no-action letter for coin offerings. The SEC has issued three such letters stating it “will not recommend enforcement action” against a platform issuing a digital currency.

Peirce began her second term as SEC commissioner in August and will remain in the position until 2025.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

NYDIG Raises $200 Million From Key Strategic Partners
New York Digital Investment Groups announced that it has raised $200 million from its strategic partners. This includes its...
Mark Cuban Predicts Dogecoin Will ‘Definitely’ Hit $1
Billionaire tech investor and Dallas Mavericks owner Mark Cuban continues to provide a boost to Dogecoin. A week ago...
Ethereum 2.0 Staking Protocol Stakewise Raises $2 Million
Ethereum 2.0 DeFi protocol Stakewise announced a successful $2 million private fundraise ahead of its public launch. The protocol...
Analyst Sees Bitcoin Price Hitting $55,000-56,000; Here’s Why
Bitcoin could reach anywhere between $55,000 and $56,000 in the coming sessions, says Jonny Moe.
Bitcoin Price Surges After U.S. Senate Passes Stimulus Bill
The price of Bitcoin surged 4% to $51,000 on Sunday after the United States Senate passed the expected $1.9...
Kraken CEO: SEC’s Case Against Ripple Could Hurt Crypto Exchanges
Kraken CEO and co-founder Jesse Powell is concerned that the U.S. Securities and Exchange Commission’s (SEC) case against Ripple...

Featured Crypto News

NYDIG Raises $200 Million From Key Strategic Partners
New York Digital Investment Groups announced that it has raised $200 million from its strategic partners. This includes its...
Mark Cuban Predicts Dogecoin Will ‘Definitely’ Hit $1
Billionaire tech investor and Dallas Mavericks owner Mark Cuban continues to provide a boost to Dogecoin. A week ago...
Ethereum 2.0 Staking Protocol Stakewise Raises $2 Million
Ethereum 2.0 DeFi protocol Stakewise announced a successful $2 million private fundraise ahead of its public launch. The protocol...
Analyst Sees Bitcoin Price Hitting $55,000-56,000; Here’s Why
Bitcoin could reach anywhere between $55,000 and $56,000 in the coming sessions, says Jonny Moe.
Bitcoin Price Surges After U.S. Senate Passes Stimulus Bill
The price of Bitcoin surged 4% to $51,000 on Sunday after the United States Senate passed the expected $1.9...
Kraken CEO: SEC’s Case Against Ripple Could Hurt Crypto Exchanges
Kraken CEO and co-founder Jesse Powell is concerned that the U.S. Securities and Exchange Commission’s (SEC) case against Ripple...