SEC Commissioner Urges Cryptocurrency Companies to Stay in the United States

Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC), noted that she had not expected such a sluggish approach to cryptocurrency regulation when she joined the agency in 2018. She expressed her concerns about the lack of significant improvements within the SEC regarding crypto regulations over the years, despite the presence of experts in the field.

While unable to comment on specific legal cases involving the SEC, Peirce encouraged cryptocurrency companies to engage with the regulator to discuss their future actions. She hinted that the Commission might reconsider its approach to cryptocurrencies.

In a plea to cryptocurrency companies, Peirce urged them not to exit the United States and assured them that the confusion would eventually subside. She emphasized that the United States remains a favorable place for business development, and she intends to keep it that way. However, she advised these companies to present clear ideas and contemplate specific approaches to achieve regulatory clarity.

Peirce previously suggested that American legislators consider the European Union's proposed cryptocurrency regulation framework, known as MiCA, which is set to come into full effect by the end of 2024. In March, Peirce criticized the SEC for its reluctance to approve Bitcoin spot exchange-traded funds (ETFs).