Hester Peirce calls for accelerated development of cryptocurrency regulation

The US Congress should accelerate the development of a regulatory framework for the cryptocurrency industry, said SEC Commissioner Hester Peirce.

SEC’s Hester Peirce urges Congress to enact crypto regulations: Clarity could be provided on many questions https://t.co/nigV7lhrsL

— FOX Business (@FoxBusiness) February 1, 2023

“Some of the failures we have seen have nothing to do with any particular crypto asset. The beauty of markets is that people can express their own opinions. If one person does not like Bitcoin, he does not need to buy it,” Peirce explained.

The official pointed to the need for independent analysis of the risks and benefits of assets. In her view, people should be free to make investment decisions.

“The role of the SEC is not to come and say: “This is good, and this is bad.” […] Congress could provide clarity on many issues. You see that regulators are running around trying to exert influence in this space, but it would be better if Congress said: “This is the framework we want,”

— Peirce.

In 2021 she urged the Commission to work with crypto companies to create a “sensible framework” for oversight.

Later the official criticised the head of the SEC, Gary Gensler, for his stance on digital assets, and doubted the usefulness of the Howey test in classifying cryptocurrencies.

In January 2023, Peirce said that the community and the regulators should draw lessons from the problems the industry has faced.