Hester Peirce, the crypto-friendly commissioner at the Securities and Exchange Commission (SEC), has outlined three key steps that US regulators can take to support the digital asset industry.
In a recent interview on Fox Business, Peirce emphasized the importance of allowing crypto to access the necessary services it needs to thrive, such as custody services. She believes that hindering crypto’s access to these services only hampers its progress.
The second step, according to Peirce, is to provide clarity on which assets fall outside of the SEC’s jurisdiction. By clearly defining which assets are not considered securities, individuals and businesses can better understand the regulatory framework they need to adhere to.
Peirce also stressed the importance of collaboration between regulators and crypto firms to assess where existing regulations apply and where adjustments may be necessary. She believes that this process should be transparent and inclusive, allowing for public participation to ensure a fair and efficient outcome.
Peirce’s views on regulatory approach differ from those of SEC Chair Gary Gensler, who has taken a more active stance towards regulating the crypto sector. Along with fellow Republican SEC Commissioner Mark Uyeda, Peirce has expressed dissent towards several of Gensler’s enforcement actions against prominent crypto firms.
Gensler recently announced his intention to step down from his position in January, coinciding with the inauguration of the president-elect. His term was originally set to continue until 2026.
As the crypto industry continues to evolve, Peirce’s suggestions for a more collaborative and transparent regulatory approach could pave the way for a more conducive environment for innovation and growth within the digital asset space. Subscribe to stay updated on the latest developments in the industry and follow us on Twitter, Facebook, and Telegram for real-time updates.