The current Commissioner of SEC, Hester Peirce spoke about the importance of technological innovations as well as the need for a regulatory framework for crypto at a virtual nomination hearing.Â
Crypto To Be A Priority
Cryptocurrencies have had quite a challenging journey in the monetary world. From not being recognized by anyone, to being labeled as assets that are used for illicit activities. Bitcoin, especially is time and again described as the darknet currency. However, off late, people across the globe seem to be understanding the prospects of crypto assets.
On one hand, a few authorities have been trying to suppress the crypto industry by initiating a ban on it. On the other hand, authorities like Hester Peirce have been advocating the benefits of cryptocurrencies. The Commissioner of the United States Securities and Exchange Commission [SEC], Hester Peirce, popularly known as â€œCrypto Momâ€ has been lauded for her broad-mindedness particularly towards cryptocurrencies and other nascent technological innovations.
The United States Senate Committee on Banking, Housing, and Urban Affairs held a virtual meeting/hearing today. In this hearing, nominees were given the opportunity to speak regarding their respective nominations. After being lauded for her work at the SEC during the pandemic, Peirce suggested that she would want to prolong her role as the Commissioner of the SEC since there was a lot more work that had to be done.
Elaborating on the same she suggested that the commissionâ€™s attitude towards technological innovations needed some work and would be one of her priorities as the Commissioner. She further indicated that the previous statement was particularly towards cryptocurrencies. Peirce added,
â€œCrypto is here to stay and I would like to set up a regulatory framework that works well for crypto.â€
Peirce has been trying to persuade the members of the commission to look into the prospects of crypto. In her hearing, she further pointed out that there were structures that are already in place to look into crypto, however, it requires more work.
This hearing took place remotely considering the COVID-19 pandemic. Caroline Crenshaw, of the District of Columbia, Kyle Hauptman, of Maine were also part of the hearing.