Regulatory clarity is now more necessary than ever in the crypto industry, said SEC Commissioner Hester Peirce.
As institutions move into the cryptocurrency space, it is imperative to have clear rules about digital assets, according to SEC Commissioner Hester Peirce
Peirce believes clear cryptocurrency rules are needed now more than ever as companies like Tesla and Mastercard actively embrace the alternative asset class.
Peirce spoke to Reuters on Saturday about the impact of institutional crypto adoption. There have been some big events in the crypto room over the past couple of weeks. After Elon Musk’s company Tesla indicated they would accept payments in Bitcoin Code, other companies, including the oldest US bank BNY Mellon and the payment giant Mastercard, also announced their intention to introduce crypto services.
„It is imperative that we do something in this area to create more clarity,“ said the Commissioner. Peirce, referred to as „Crypto Mom“ in the crypto community, has consistently advocated clear crypto rules . She has called on the SEC to create more clarity so the crypto industry can thrive without fear of breaking the law.
Peirce noted that the new government, combined with the interest in crypto from institutional investors, could offer a new perspective on crypto regulation:
„It’s not only that there have been calls for clarity for some time and that a new government offers an opportunity to change your perspective, but it’s also a moment when others in the market are likely to change their perspective as well.“
Peirce has also commented on the GameStop controversy, stating that it is too early for regulators to draw conclusions from this stock surge through a meme that could lead to new guidelines. But she supports the new generation of traders who participate in the market.
As previously reported, US regulators are investigating popular trading app Robinhood for suspending trading with GameStop after Reddit group r / WallStreetBets triggered a so-called short squeeze that drove the price above $ 370 .
Robinhood CEO Vlad Tenev and Citadel CEO Ken Griffin are expected to testify before Congress on Thursday, along with other participants.