Hester Peirce supported the industry by saying that the bankruptcies of many crypto companies and crypto lenders do not indicate the failure of specific digital assets.. The beauty of the cryptocurrency market, the commissioner believes, lies in the freedom of choice: if a person does not like bitcoin, he can simply not buy it. People should independently analyze the risks and benefits of assets, and rely on their own opinion when making a decision on their purchase.
Esther Pierce is convinced that the role of the SEC is not just to tell people “This is good and this is bad”. Instead, however, regulators are trying to take on as much power as possible to oversee the industry.. At the same time, each department treats cryptocurrencies differently.. The SEC believes that digital assets should be classified as securities, and the US Commodity Futures Trading Commission (CFTC) considers crypto assets to be commodities.
Earlier, CFTC Chairman Rostin Behnam proposed that both departments join forces and decide which crypto assets can be covered by their powers.
Commissioner Pierce believes that the US Congress could clarify this issue. SEC member admits legislators have done a lot of work, but it's still difficult for Congress to come up with a specific regulatory framework for cryptocurrencies. However, interaction with parliamentarians could significantly accelerate the development of cryptocurrency legislation, Pierce is sure.
Last year, Ripple CEO Brad Garlinghouse expressed a similar sentiment that Congress could clarify the rules that crypto asset companies must follow.. Garlinghouse is convinced that only Congress can soften the SEC's approach to cryptocurrency issuers by hinting at Ripple's litigation with the regulator.