The Commissioner for the U.S. Securities and Exchange Commission (SEC), Hester Peirce, has shared her views on regulating cryptocurrencies and digital assets. Known popularly as Crypto Mom, the commissioner said that the regulator simply cannot just take into account all digital assets under its existing regulatory framework. Peirce began her second term as the commissioner of SEC in August and will remain there until 2025.
Hester Peirce Says SEC Could Learn From Wyoming
Hester Peirce appeared in an interview with the Managing Director of Santander Bank, John Whelan in an online conference for the Ethereum in the Enterprise – the Asia Pacific where she cited the example of Wyoming. She highlighted that Wyoming has applied one of the most progressive approaches to regulating digital assets and cryptocurrencies.
She added that the regulatory body should definitely learn from Wyoming on applying the proper methods of implementing cryptocurrency regulations. Recently, Wyoming’s banking charter had approved crypto firms such as Avanti and Kraken to operate as a national bank.
However, in spite of a rapidly changing crypto landscape, Peirce had previously mentioned that the SEC was quite slow in giving guidance. She emphasizes her point by saying that crypto and blockchain firms could waste an ample of their time and resources, waiting to hear regulatory decisions from the SEC. In the end, they might not even get the result they wanted.
Peirce Also Encourages Firms to Approach the SEC
Hester Peirce mentioned in the interview that the current traditional regulatory framework of the SEC may not allow for the growth of a nurturing space while saying:
“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.”
However, she did encourage firms to approach the regulatory body regarding the SEC’s rare issuance of a no-action letter for coin offerings. The regulatory body had issued three letters to assure that enforcement will not be filed against those firms who issue digital currencies.