Commissioner at the U.S. Securities and Exchange Commission Hester Peirce has been recently sworn in for a second term at the agency. Known popularly as Crypto Mom, Peirce has been a strong advocate for the cryptocurrency space under regulatory context. However, in a speech on Dec. 10, Peirce said that excessive regulations on cryptocurrencies can harm the deprived in various ways.
Crypto Regulations Can Harm the Deprived: Hester Peirce
On Dec. 10, Hester Peirce in an official speech released by SEC said that the U.S. should learn to embrace the principles of personal liberty associated with cryptocurrencies and the principles behind it to enable further innovation.
She also said that if the liberating environment of the crypto industry comes under heavy regulations it will lose its power to afford opportunities for those who are deprived or marginalized. This deprivation can come in terms of geographical restrictions, repressive government, traditional financial system, or social standing.
The speech comes shortly after a U.S. Treasury official, Comptroller of the Currency said that he has no plans on banning cryptocurrencies and other digital assets.
Increased Heated Debates Around Crypto Regulations
There have been increased heated debates in recent weeks, centering around cryptocurrencies and decentralized finance and its impact under regulations. There have also been rumors and confirmations about cryptocurrency exchanges and stablecoin providers coming under regulatory measures.
For Instance, the CEO of Coinbase, Brian Armstrong, said there are rumors regarding the U.S. Treasury looking into cracking down on self-hosted crypto asset wallets. This means that those without access to any proper ID will not be able to access the crypto space.
Recently, some U.S. representatives stated that stablecoin providers will now need to abide by the banking laws of the country. This means that those without any ID will not be allowed for stablecoin transfers between addresses.
Peirce wanted to emphasize that such kind of strong regulations will only harm the industry and the users associated with it.