Hester Peirce declared in favor of cryptocurrencies
Hester Peirce, the commissioner of the Securities and Exchange Commission, continues to advocate for regulatory clarity for cryptocurrencies as a means of opening capital markets to innovation.
Innovation and regulations
Hester Peirce, the commissioner of the Securities and Exchange Commission, continues to advocate for regulatory clarity for cryptocurrencies as a means of opening capital markets to innovation. Peirce asserts that the regulatory structure of the United States must be flexible enough to adapt to innovation and that he believes in "the power of our capital markets to transform people's lives."
Peirce noted that the size of the US economy makes its regulations critical to global fundraising: “The race to the bottom is something that should concern us. But that's one more reason for a jurisdiction like the United States to try to develop a viable framework that allows people to come and take advantage of our market. "And he added:" Remember that innovation generally comes from the government sector. We need to establish a framework that allows people who spend a lot of time thinking about new ideas continue to spend time thinking about those ideas and not a lot of time worrying about complying with the regulations.”
** The vice president of the Capital Markets Department of the International Monetary Fund (IMF), Tommaso Mancini-Griffoli, declared that the best way to advance in the Digital Currencies of the Central Bank (CBDC) is through a public-private association.
Pierce also referred to the SEC's jurisdiction issue internationally and his recent controversies around Telegram's digital currency: "It certainly is a difficult area and it is a difficult area even without blockchain [...] Even apart from finding out where we can go jurisdictionally I ask the question 'is it a good use of our resources?' "