Hester Peirce, the crypto-friendly commissioner at the Securities and Exchange Commission (SEC), says US regulators can do three things to help the digital asset industry.
In a new interview on Fox Business, Peirce argues that the first step is to stop trying to prevent crypto from accessing the services it needs to move forward, like custody.
“Point two is provide clarity around which things are not within the SEC’s ambit. So which things are not securities and which people don’t have to think about the SEC’s regulatory framework.”
Peirce, a Republican, says the third step is for regulators to work with crypto firms to determine where existing regulations apply and “where adjustments need to be made.”
“And that needs to be a group exercise. That needs to be done in the public so that everyone can participate in it. And I think we can get to a good place and do that relatively quickly. I mean all of these things do take time, but I think if we put our minds to it we can get to a better place, and I’m hoping that won’t take too long.”
Peirce and fellow Republican SEC Commissioner Mark Uyeda have often criticized SEC Chair Gary Gensler for his active approach toward the crypto sector. Both have also dissented against multiple SEC enforcement actions.
Under Gensler’s leadership, the securities watchdog launched high-profile enforcement actions against many crypto firms, including industry giants Binance, Kraken, Coinbase, Ripple Labs, Uniswap Labs and Consensys.
After Donald Trump’s election victory last month, Gensler announced he would step down in January, on the president-elect’s inauguration day. The SEC chair’s term was set to run until 2026.
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