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A commissioner from the US Securities and Exchange Commission (SEC) said Friday, February 8 that the delay in setting up a cryptography regulation could give more freedom to the industry.
Heister Peirce, known as "Crypto Mom" in the community for dissenting from the SEC's decision to reject a Bitcoin Exchange Traded Fund (ETF) proposed by the Winklevoss Twins, made the comments in a speech on the following issues: State regulation at the University of Missouri's Faculty of Law.
On current delays in establishing a clearer legal framework for cryptography, Peirce said the ambiguity was not so bad. She then explained:
"We might be able to draw clearer lines once we see several blockchain projects mature. Delaying clear lines can actually leave more freedom to the technology. "
The Commissioner noted that the process of regulating a new sector could be lengthy and emphasized that the SEC should act appropriately to allow this sector to evolve without compromising existing laws:
"If we act appropriately, we can allow innovation on this new frontier to progress without compromising the objectives of our securities laws: protecting investors, facilitating capital formation and ensuring fair markets, orderly and efficient. "
Peirce, however, lamented that the regulation is sometimes excessive. She stated that the enforcement measures were not her preferred method of defining investor expectations in cryptography. In addition, she added that some cryptography projects simply can not progress in the existing framework, because "securities laws make them impracticable".
Peirce also believes that the SEC is sometimes too hesitant about cryptography projects and that investors willing to raise funds could be misled by this excessive caution:
"We rightly blame investors for jumping blind for anything labeled crypto, but sometimes we seem just as impulsive to run away from what is labeled crypto. We need to make investors pay attention, but we also owe them to not define their universe of investment according to our preferences. "
Peirce concludes that the US Congress could resolve cryptography ambiguities by simply requiring that at least some digital badets be treated as a separate badet clbad.
As Cointelegraph has already pointed out, such an initiative has already been presented to the House of Representatives at the end of December 2018. In the bill, two US representatives seek to prevent digital currencies from being defined as securities by amending the Securities Act of 1933 and the Securities Act. from 1934.
Earlier this year, Peirce had admitted to trying to convince his colleagues "to be a little more open-minded" regarding the adoption of crypto, but warned that it could take a long time. At the time, she also urged investors not to hold her breath while waiting for a BTC ETF because, according to her, this could happen tomorrow or in 20 years.
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