- “U.S. Crypto Mom” Hester Pierce criticized her agency’s approach
- She believes crypto laws should consider different uses of cryptocurrencies
- They are not limited to a financial role
SEC Commissioner Hester Pierce spoke at the Australian Blockchain Week. She voiced her vision for regulating the crypto industry in the United States.</nbsp;
The official believes the approach to assets only as a financial instrument is very limited.. It doesn’t account for the many uses of blockchain.
“I think we need to make sure that any regulatory framework we have involves more than looking at cryptocurrencies as financial assets.”
She cited social media platforms that are built on decentralization through blockchain. There could be many such options.
“We should not create a structure that is so inflexible that it cannot accommodate new ways of using crypto and blockchain.”
Pierce believes the SEC is now taking an inefficient approach to innovation. The Commission has been slow to create clear rules. But the official herself is “limited in her influence” over the agency. Therefore, she advises the crypto-industry to engage in self-regulation.
Remind that the EU approved a bill on crypto-banking. It will allow traditional institutions to store and sell cryptocurrency, but with a number of conditions. The final vote for the project will take place on Friday, and will have an important impact on the local industry.