2024-12-10 07:56 |
Hester Peirce, a Commissioner at the US Securities and Exchange Commission (SEC) and widely regarded as “Crypto Mom,” recently shared her vision for transforming crypto regulation under Donald Trump’s leadership.
In a Fox Business interview, Peirce outlined three critical reforms she believes could provide much-needed clarity and enable growth in the cryptocurrency industry.
Ending regulatory barriersPeirce’s priority is addressing what she termed “regulatory suppression” of the crypto industry.
She highlighted the need to stop measures that hinder cryptocurrencies from accessing essential services, such as custody solutions.
According to Peirce, these services are vital for properly functioning and expanding crypto businesses.
She pointed out that restricting access to basic financial services has stifled the sector’s growth, citing past examples like Operation Chokepoint 2.0.
This controversial regulatory strategy allegedly limited banking access for crypto firms, a claim supported by revelations from Coinbase’s Freedom of Information Act (FOIA) request.
Documents uncovered by Coinbase indicated that federal agencies had instructed banks to pause crypto-related activities, a move Peirce suggests must be thoroughly investigated and rectified.
David Sacks, the newly appointed Crypto Czar, has also called for a closer examination of Operation Chokepoint 2.0, following claims that regulatory actions, not market failures, led to the collapse of institutions like Silvergate Bank.
Clarifying SEC jurisdictionPeirce emphasized the urgent need for clear guidelines on what constitutes a security and falls under the SEC’s regulatory framework.
She argued that ambiguity in defining securities has created confusion for crypto businesses, increasing legal risks and hampering innovation.
Clear delineations, she stated, would not only reduce compliance challenges but also foster confidence within the industry.
Peirce believes that a transparent regulatory framework will allow businesses to operate more effectively, ultimately benefiting both the industry and consumers.
Promoting collaboration with industry stakeholdersPeirce’s final recommendation involves fostering collaboration between the SEC and crypto industry participants.
She suggested that the SEC engage with stakeholders to identify how existing rules apply and where adjustments are needed.
This dialogue, she proposed, should be a public and inclusive process, ensuring broad participation and transparency.
Peirce expressed optimism that such collaboration could quickly yield actionable results, helping bridge the gap between regulators and the fast-evolving crypto landscape.
Peirce’s proposed reforms signal a shift toward a more supportive and transparent regulatory environment for cryptocurrencies under Donald Trump’s administration.
By ending restrictive practices, clarifying jurisdictional boundaries, and fostering open collaboration, these measures could pave the way for innovation while ensuring compliance.
As the SEC navigates these changes, the cryptocurrency sector eagerly anticipates a clearer, more equitable framework that fosters growth and safeguards market participants.
The post What crypto reforms could the SEC pursue under Trump? 'Crypto Mom' Hester Peirce explains appeared first on Invezz
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