The uncertain regulatory climate with respect to the cryptocurrency ecosystem has led to detrimental consequences, with the geofencing of crypto-tokens by Poloniex being a recent example. The Commissioner of the United States Securities and Exchange Commission, Hester Peirce, had previously expressed her fears regarding the delay of the same.

While speaking to Naomi Brockwell in an interview held on the sidelines of Consensus 2019, Peirce acknowledged that “there was room for the regulators to do more” in the space. She had said,

“We need people to come in and hold our hands a little bit – and walk us through the technology”

The Commissioner stated that people have come to rely too heavily on what they perceive as an “SEC seal of approval”. She further urged users in the space to make disclosures for the things they want to trade, keeping in mind basic compliance.

Famously referred to as “crypto-mom” for being the dissenting voice against SEC’s decision to reject an exchange-traded fund [ETF] offering exposure to Bitcoin, she further noted that one of the “best things” that could be done was to try and “encourage skepticism”.

According to Peirce, the recently released SEC guidance was a little overwhelming for people in comprehending securities law. She stated,

“It threw lots of factors onto the paper and then it said to people, all right, go figure out how those should be weighted and that’s a concern because people you know that in some ways generates more confusion about how to weight these things how to figure it out, so I think we’re not thinking always that this is a space where you’ve got a lot of people, who haven’t thought about securities laws and now this is their first interaction with the securities laws and it’s a little overwhelming.”

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