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, such as custody.
“Point two is to provide clarity on which matters do not fall within the scope of the SEC. So what things are not securities and what 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 companies to determine where existing regulations apply and “where adjustments are needed.”
“And that has to be a group exercise. This should be done in public so that everyone can participate. And I think we can get to a good place and do it relatively quickly. I mean, all these things take time, but I think if we focus on them, we can get to a better place, and I hope that won’t take too long.”
Peirce and fellow Republican SEC Commissioner Mark Uyeda have often criticized SEC Chairman Gary Gensler for his active approach to the crypto sector. Both have also spoken out against multiple SEC enforcement actions.
Under Gensler’s leadership, the securities watchdog launched high-profile enforcement actions against many crypto companies, including industry giants Binance, Kraken, Coinbase, Ripple Labs, Uniswap Labs and Consensys.
Following Donald Trump’s election victory last month, Gensler announced he would resign in January, on the president-elect’s inauguration day. The SEC chairman’s term would run until 2026.
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