Hester peirce, from the United States Securities and Exchange Commission, is known as a regulator that has shown consistent support for digital assets, so much so that his nickname of “Crypto Mom” it has become unshakable.
In a new interview on the Thinking Crypto podcast, Peirce reflected on the United States’ regulatory approach to this asset class to date., arguing that, “I think we have missed the cryptocurrency train a bit. And I think a large part of that comes from the lack of clarity in our standards. “. He said that, contrary to the persistent narrative that cryptos are somehow inseparable from illegality and the desire to circumvent the system, his own experience has been that industry participants want to comply with the rules, but have often struggled to do so without proper guidance:
“Am I optimistic that we are finally going to get to the point of providing more clarity? I think we have a good chance. […] We are likely on the verge of having a new president, Gary Gensler, who had his hearing in front of the Senate. That is one step in the process. Then it has to be voted on. And if it’s confirmed and it gets to the SEC, it brings with it a really deep understanding of this asset class. “
The Senate Banking Committee has voted 14-10 for Gensler’s nomination to be sent to the full Senate, after two Republicans joined 12 Democrats in supporting the election.
Peirce highlighted Gensler’s recent experience teaching blockchain courses at the Massachusetts Institute of Technology., noting that he has been “surrounded by people who are enthusiastic about this technology.” In your opinion, Gensler understands the positive potential of the sector, as well as the need for greater clarity to facilitate its development. Not having to convince him of these things will be “very helpful,” he said.
Peirce noted, however, that while the president “sets the agency’s agenda” and, in Gensler’s case, can be expected to support a better regulatory approach for cryptocurrencies, will ensure a considerable degree of day-to-day continuity at the SEC in its interaction with the cryptocurrency industry regardless of who the president is:
“The intention of having a five-member commission is to have continuity over time, so that massive changes in policies are not seen. […] so it is important for people to know that the commission’s work [… ] [no] will change dramatically when a new president. […] The regulatory agenda can change a lot, but the commission’s work, [su] daily work, […] it will continue regardless of who the president is. “
On this note of cautious optimism, Peirce also commented with good humor on his affectionate nickname in the US crypto space, saying: “You know, I’ve always loved the idea of being a mother, and I’m not a mother in the real world. So being a mom in the virtual world is not bad.”. However, he was quick to gently rebut any unwanted implications, commenting:
“I think it’s very important to say, no, regulators cannot be your parents. They are not going to make your decisions for you and they are not going to bail you out when you have problems.”
Peirce emphasized that she “is not an advocate for any particular asset class.”, but “I am an advocate for people having the ability to invest in the asset classes they find valuable for whatever their end goals may be.”. Having first learned about Bitcoin (BTC) when she was at George Mason, she said that she is a “big believer in the power of decentralization” and that cryptocurrencies “fit that very well.”