U.S. Securities and Exchange Commission (SEC) Commissioner Esther Pearce believes that the recently passed European Union’s Cryptocurrency Regulation Act (MiCA) would be a good model for oversight of the industry.
Speaking at the Crypto and Digital Assets Summit in London, Hester Peirce said she shares European regulators’ approach to cryptocurrency oversight.
Pierce believes that MiCA allows users to understand that crypto-assets have risks, while the bill does not discourage innovation.
“I agree with the approach, which is to tell people: look, there are risks here. You can accept or refuse them.
If the U.S. creates a good regulatory regime, people and companies will be drawn to the country.
We’re shooting ourselves in the foot by refusing to work through regulatory rules for cryptocurrencies,” Pearce said.
The commissioner added that she doesn’t have much faith that regulators will provide clear regulatory guidance to the industry anytime soon.
Pearce once again spoke out against SEC Chairman Gary Gensler’s stance and criticized the entire agency’s preference for suing cryptocurrency companies.
“Stagnation, centralization, companies leaving the U.S. – these are the slogans of the SEC.
Instead of embracing the onslaught of new technologies, we resign ourselves to stagnation, increasing centralization, promoting brain drain and the disappearance of technology.
I don’t agree with that,” the SEC commissioner is outraged.
Recall that in February, Esther Pearce already asked the U.S. Congress to participate in the development of a regulatory framework for the regulation of digital assets.