Hester Peirce who is very well known as “crypto mom” in the crypto industry has just got approval for her second term as the US SEC’s commissioner. She is very well-acknowledged in the crypto industry and the investors simply rely upon her as she has shown her support for financial innovation.
For very long, the US has been planning to regulate cryptocurrencies with better and concrete laws. It was Peirce who has taken the initiative to reform the crypto laws and set new regulations.
Confirmed by voice vote: Executive Calendar #833 Hester Peirce to be a Member of the Securities and Exchange Commission for a term expiring June 5, 2025. (Reappointment)
— Senate Cloakroom (@SenateCloakroom) August 6, 2020
Peirce aims to set up a regulatory framework for cryptocurrencies
On July 21, Peirce also offered her testimony to the US Senate where she talked about financial innovation. She also talked about her intentions and plans to set up a proper regulatory framework for cryptocurrencies. She has said, “If the Commission takes up that challenge with the necessary seriousness and alacrity, our capital markets will remain dynamic, vibrant, and preeminent”.
It has been seen that many of the American lawmakers are trying out their skills and contributing to the innovation of crypto space. Not only America, but other countries are also trying out different innovative tricks in this space. China is also working out to launch its Central Based Digital Currency (CBDC) as soon as possible. However, a lot of crypto experts and analysts believe that the US might fall behind China as it is working actively towards launching its CBDC.
Countries trying out crypto regulatory measures
It is not only Peirce and the US that are trying to form or modify the crypto regulatory measures. The UK regulators have asked the Financial Control Authority to regulate the crypto-related advertisements. Recently, Japan is also actively working in this space and the country has also appointed a new digital payments director. This appointment has been made to actively research regarding the use-cases of CBDC.
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