SEC Commissioner Calls for Crypto Regulation Reform
Date: 2024-12-11 Author: Henry Casey Categories: IN WORLD
Peirce said that current government regulations create obstacles to the development of the crypto industry, in particular, by limiting companies' access to the necessary services. In her opinion, it is necessary to remove these barriers and start moving forward, giving the industry the opportunity to grow.
One of the key steps to this, according to Peirce, should be the creation of a clear regulatory framework for overseeing digital assets. This will help both the regulator and market participants better understand their roles and responsibilities.
“It is important for the government to collaborate with representatives of the crypto industry to evaluate the existing rules and make the necessary changes to them. This process should be as open as possible so that everyone can participate and we can quickly find the best solutions,” Peirce emphasized in an interview with Fox Business.
Pierce is optimistic about the newly elected SEC Chair Paul Atkins, who was handpicked by President Donald Trump. She noted that Atkins has a keen understanding of how to effectively use government resources to solve problems.
Pierce also added that she was not surprised by Gary Gensler’s decision to step down as head of the SEC due to the change in administration.
The commissioner has so far refrained from commenting on the years-long legal battle between the SEC and Ripple, which began in 2020. However, she emphasized that such lengthy and costly processes are a highly ineffective way to regulate.
Hester Pierce’s call for reform opens the door to a new approach to crypto regulation that could help it grow and build trust in the sector.
