Crypto-friendly SEC Commissioner Hester Pierce wants to see a regulatory framework that supports technological development and crypto. The Commissioner has previously said there is an increase in demand for cryptocurrencies as investors seek to diversify their portfolios.
The U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce, also known in the crypto community as “Crypto Mom,” talked about cryptocurrency during the United States Senate Committee on Banking, Housing, and Urban Affairs. The meeting took place remotely considering the COVID-19 pandemic.
Crypto Is Here To Stay
The Commissioner is seeking another term. She said her priorities as a commissioner will dwell on the commission’s attitude towards technological innovations as more work needed to be done. She further indicated that the statement was particularly directed towards cryptocurrencies. Peirce stated:
“Crypto is here to stay, and I would like to set up a regulatory framework that works well for crypto.”
Pierce joined the SEC as a commissioner on January 11, 2018, and her term expired on June 5. She has consistently supported the idea of having SEC to approve Bitcoin Exchange-Traded funds, but that is yet to happen. In May 2019 she said the time was ripe for the commission to approve a Bitcoin ETF. In February, she announced her Token Safe Harbor Proposal to fill the gap between regulation and decentralization. Speaking about cryptocurrency and digital dollars during a Livestream discussion with Crypto Finance Conference St. Moritz in May she stated:
“We’re seeing more interest coming from institutional quarters than we have in the past. I think that will continue […] as people are looking to diversify their portfolios, I think people are also likely to look more to the crypto space.”
Positives and Negatives
The crypto mom had previously stated even before the Covid-19 pandemic that the main advantage of the crypto industry was uniting people globally and helping them work together virtually. According to her, industry participants don’t have to be in the same place to be working together. Pierce has argued in the past that it was helpful for people to think about the positives and negatives of having it as a government-issued versus a private-issued currency. She stated:
“I will say that I think that the idea of a government cryptocurrency, a digital dollar or something like that. It is very different than some of the things we’re talking about with cryptocurrency and blockchain and the private sector. It’s helpful to get people thinking about these things.”
Challenging Journey
Peirce has tirelessly tried to persuade the members of the commission to look into the prospects of cryptocurrency. The Crypto Mom further pointed out that there were structures that are already in place to look into crypto; however, it requires more work. Bitcoin has experienced a challenging journey in the monetary world since its inception. From being labeled the currency of the drug world and Darknet. We are at a place where leading investors and institutions seem to understand the prospects of crypto assets.
