Esther Pearce: “the development of cryptocurrency regulation should not be hasty»

SEC Commissioner Hester Peirce said the U.S. government is slower than the private sector, but the trend is not necessarily negative.

Esther Pierce expressed her opinion at the Bitcoin for Advisors conference
and spoke about the approach of the US Securities and Exchange Commission (SEC) to innovation in financial technologies, including cryptocurrencies.

“Regulators are slow to act, and there is a reason for this. We need to develop a process so that we can make sure that people notice the changes to the rules and can express their opinion on this, ” she said.

Ideally, the rules and guidelines would not restrict which technologies can be used, allowing innovators to create a wide range of compatible tools and platforms. At the same time, Pearce noted that some of the rules are very outdated. She said she would like to speed up the agency’s work in certain areas, pointing to cryptocurrencies as one example.

“The SEC structure was created in the 1930s and 1940s and expanded over time,” she said. “Now there are areas, including the cryptocurrency industry, where we will need to make adjustments, and I really think we should move faster… In this regard, I am impatient.”

According to her, agency employees usually approve or disapprove of the launch of financial products, such as ETFs. The five SEC commissioners generally don’t interfere, but “in the case of the Bitcoin ETF, we were involved in the discussion,” she said.

When asked about the future direction of the SEC’s work, taking into account the policies of the new US president, Pierce said that regulators will continue to create a regulatory framework for cryptocurrencies. She also pointed to the fact that there are congressmen from both parties who are optimistic about cryptocurrencies, and said that support for this sector is bipartisan.

In October, Esther Pierce said that the recent actions of US regulators against the BitMEX exchange are a “wake-up call” and a warning to the entire cryptocurrency business. Previously, Pearce also called
The emerging industry of decentralized finance (DeFi) is “revolutionary”, but it also recognized possible problems for regulators.