SEC Commissioner Hester Peirce urges clear regulation of cryptocurrencies

The adoption of bitcoin by large companies calls for the rapid introduction of clear regulatory rules, SEC Commissioner Hester Peirce told Reuters in an interview.

In her view, authorities should establish norms for the cryptocurrency industry that would allow it to flourish.

Earlier, The Bank of New York Mellon, the oldest US bank, announced the expansion of its services with bitcoin operations and other digital assets. Peirce noted that this adds urgency to the regulatory issue.

In December 2020, the SEC commissioner questioned the ability of the existing regulatory framework to adapt to cryptocurrencies and called for a more innovative approach.

In the same month, Peirce said that regulators should roll back excessive rules governing the industry and the decentralized finance sector.

In February 2021, Elon Musk’s Tesla invested $1.5 billion in bitcoin.

Mastercard pledged in 2021 to introduce direct support for cryptocurrencies, and JPMorgan Chase said it would be willing to add trading of digital assets if there is demand.

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