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Commissioner of the Securities Commissionand US exchanges (SEC) called on the American Parliament to take an active part in developing a regulatory framework for the control of digital assets.
Hester Peirce supportedindustry, saying that the bankruptcies of many cryptocurrency companies and crypto lenders do not indicate the failure of specific digital assets. The beauty of the cryptocurrency market, the commissioner believes, is the freedom of choice: if a person does not like Bitcoin, he can simply not buy it. Individuals should independently evaluate the risks and benefits of assets and use their own judgment when making purchase decisions.
Esther Pierce is sure: The SEC's role is not to simply tell people “This is good and that is bad.” However, instead, regulators are trying to take on as much oversight power over the industry as possible. At the same time, each department treats cryptocurrencies differently. The SEC believes that digital assets should be classified as securities, and The US Commodity Futures Trading Commission (CFTC) considers crypto assets to be commodities.
Earlier, CFTC Chairman Rostin Behnam proposed that both agencies join forces and determine which crypto assets their powers could extend to.
Commissioner Pierce believes that the US Congress couldclarify this issue. The SEC member admits that legislators have done a lot of work, but it is still difficult for Congress to develop a concrete regulatory framework for cryptocurrencies. However, interaction with parliamentarians could significantly speed up the development of cryptocurrency legislation, Pierce is sure.
Last year, Ripple CEOBrad Garlinghouse made a similar point that Congress could clarify the rules that crypto asset companies must comply with. Garlinghouse is convinced that only Congress is able to soften the SEC’s approach towards cryptocurrency issuers, hinting at Ripple’s litigation with the regulator.
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