SEC commissioner Hester Peirce (“crypto mom”) believes regulations are stifling the crypto industry
|- “Crypto mom” recent remarks suggest that regulations are hindering and even dragging back development.
- “The U.S. securities markets have historically been the envy of the world…” Peirce.
The commissioner of the United States Securities and Exchange Commission (SEC), Hester Peirce commonly referred to as the “crypto mom” recent remarks suggest that regulations are hindering and even dragging back development in the cryptocurrency industry. Peirce was addressing the audience at the Securities Enforcement Forum held in East Palo Alto in California on May 9.
She stated in her speech that the fast growth and development of the cryptocurrency industry has her worried that the lack of clear guidelines by the regulator (SEC) was going to stand in the way and drag growth. Her main concerned is the issue of tokens and how to determine which is security and which is not. There must be a clear way from the SEC in which participants in the crypto industry can easily abide by the law. According to Peirce:
“Jackson Pollock approach to splashing lots of factors on the canvas without any clear message leaves something to be desired.” She added “We should not be trying to guide innovation, but we also should recognize that we cannot stop it and embrace the potential for positive change that innovation offers. Our silence is likely to simply push this innovation and any attendant economic growth into other jurisdictions that have done their work and provided clear guidelines for the market participants to follow.”
Peirce also cautioned:
“The U.S. securities markets have historically been the envy of the world; I do not want heel-dragging by the SEC in crypto to mar that well-deserved reputation.”
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