- Hester Peirce, aka Crypto Mom, spoke about the SEC’s regulatory approach, its interest in NFTs, and the potential fate of the current Bitcoin ETFs.
- According to her, the regulation of the sector should focus on providing clarity rather than law enforcement.
SEC Commissioner Hester Peirce, affectionately known as “Crypto Mom” for her continued support of the industry, commented on the US SEC’s perspective on the regulation of cryptocurrencies, NFTs and Bitcoin ETFs.
Speaking on CoinDesk TV’s First Mover program on December 30, the SEC commissioner began noticing that the problems of the sector will not magically disappear with the creation of a new independent cryptocurrency regulator. Coinbase and U.S. Senator Cynthia Lummis were some of the most demanding personalities of a single cryptocurrency regulator in the United States. Lummis is one of the legislators in the country in favor of positive regulation of cryptocurrencies and financial innovation.
I certainly understand the urge to ask for a single governor. I have a few problems with it,
Usually in Washington, when you build another controller, you only find the existing controllers plus plus.
Regulation of the cryptocurrency industry
Peirce once again acknowledges that the watch industry has failed to provide the industry with a workable regulatory framework. It points out that the regulator chooses, instead, to operate through law enforcement.
“We have the opportunity to sit down and work with people, many of whom have been very open about their willingness to come and work with us and develop regulation,” Peirce said. “To date, we have made little concrete regulatory progress. What we have done, instead, is take specific measures to enforce the law.
Law enforcement, according to the mother of cryptocurrencies, has become more aggressive since SEC Chairman Gary Gensler took over Jay Clinton. The previous president, while reserved, sparked massive controversy over the classification of cryptocurrencies as assets and securities.
However, Peirce notes that Gensler’s approach is clear evidence of its willingness to set clear rules for the industry. Nonetheless, he hopes the SEC will focus on regulatory clarity «rather than always falling back on direct enforcement.»
SEC reaction to Bitcoin Spot NFTs and ETFs
As for unused signals (NFTs), their growth – $ 22 billion in trade volume by December – has attracted the attention of the SEC. The crypto mother urged people to look closely at digital collections, as «certain pieces could come into our jurisdiction.» Again, he warned about fractional NFTs – an effort that saw more than $ 215 million in trade volume this year.
Regarding Bitcoin spot ETFs, Perce said
I can’t believe we’re still talking about this like this, you know, we’re waiting for one to happen. We have issued a number of disclaimers, including recently, and they continue to use reasoning that I think was out of date at the time. ‘
However, it does not understand that the SEC has rejected these types of offers, so it cannot accurately predict their fate in 2022. However, it may be registered with the SEC “what is necessary to to approve a particular product. », he said.