A United States Securities and Exchange Commission (SEC) official talking up the benefits of delays in cryptocurrency regulations? It has to be “Crypto Mom”.
That’s the nickname SEC commissioner Hester Peirce is widely known by in the crypto-community, following her opposition against her employer’s decision to reject a bitcoin exchange-traded fund (ETF) proposal by the Winkelvoss twins.
Pierce’s latest comments, delivered during in a talk on the issues of state regulation at the University of Missouri School of Law, further cement her pro-cryptocurrency reputation.
During the talk, Pierce pointed to the upside of delays in delivering cryptocurrency regulations, saying that they might allow the technology to mature.
“Delay in drawing clear lines may actually allow more freedom for the technology to come into its own,” she said.
She added that technological innovation associated with cryptocurrencies can be enabled without compromising investors’ safety and the order, efficiency, and fairness of the cryptocurrency market. And further argued that overregulation makes it impossible for some projects to progress within the current legal framework.
Pierce also spoke against the SEC’s hesitant approach to crypto projects, saying that “at times we seem to be equally impulsive in running away from anything labeled crypto. We owe it to investors to be careful, but we also owe it to them not to define their investment universe with our preferences.”
According to Peirce, the best approach US Congress might take towards cryptocurrencies could be to treat them as an entirely separate asset class. This tactic is the backbone of the “Token Taxonomy Act” bill introduced in the House of Representatives in December 2018, which seeks an amendment to the Securities Act of 1933 and the Securities Act of 1934, to exclude cryptocurrencies from the securities definition.