Hester Pearce: BitMEX should alert everyone in the cryptocurrency industry

SEC Commissioner HesterPierce believes that the recent actions of the US authorities against the crypto derivatives exchangeBitMEX is the wake-up call for the entire industry.

During the Unchained Podcast, Pierce stated,that members of the international cryptocurrency industry have now been informed of the need to comply with anti-money laundering and customer identification requirements.

“I think the industry got quite loud andclear message in the context of AML / KYC. I am sure it will continue. They clearly send a message to the crypto world that when their products or services are used by US residents, they will be prosecuted under US law, ”she said.

Pierce also touched on the Bitcoin ETF, whichwould allow institutional investors to access bitcoin in regulated markets and free them from the need to hold the asset itself. Previously, the SEC has repeatedly rejected applications for the creation of such an instrument, citing concerns about market manipulation.

The Commissioner does not share the department's approach to this issue:

"The SEC says, "We don't think investors are capable of making smart decisions for themselves, so we're going to protect them fromI don't see the point in this approach."

Pierce was unable to provide a direct answer to the question of whetherwhether Bitcoin ETF will ever be approved. At the same time, she emphasized that any proposed product must meet all the requirements established by law.

“In the USA, we traditionally believe that people havethere must be freedom to make decisions for oneself and independently be responsible for the consequences. I don’t know why not apply this principle to an area such as bitcoin ETFs, ”she added.

</p>