The United States Securities and Exchange Commission (SEC) Commissioner has said Cryptocurrency market should self-regulate when possible. The SEC Commissioner Hester M. Peirce has made her remarks, along with former Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler at the MIT Bitcoin Expo 2019 last week.
On the same context, Chairman Gary Gensler stated that this would encompass not only in trading platforms which offer security tokens or complex investment components, but also that list commodities like Bitcoin (BTC). In turn, Pierce said that people control each other in their interactions with one another, and that’s the whole purpose of the Bitcoin idea, which it would be a community that could be capable of regulating itself. As issues crop up, people in that community are deeming about to deal with those issues. She said that one model would be to have a government regulator, but she doesn’t think that’s the only model. In favor of extending national-level regulation over a wider spectrum of crypto trading focused on enhancing investor protection, Gensler’s arguments coordinating money laundering prevention and addressing the current regulatory and enforcement discrepancies across various states. To continued advocate for a lighter regulatory touch when possible, Peirce, however, acknowledged that security offerings must meet the terms of the SEC’s registration requirements, and supported the ongoing efforts by major Cryptocurrency trading platforms to register with the agency as either exchange or as alternative trading venues with the aim of compliantly list security tokens.
Previously, it was reported that Peirce has a constructive reputation in the Cryptocurrency community, earning the Crypto Mom status for her personal dissent over the SEC’s second decision to rebuff a Bitcoin exchange-traded fund proposed by the Winklevoss twins last year. Further, she proposed February this year the lengthy process of establishing Crypto regulation in the United States, may eventually be beneficial and enable more autonomy for the industry to come into its own.