SEC Commissioner Calls for Cryptocurrency Regulations, as Corporate Interest Spikes

SEC Commissioner Calls for Cryptocurrency Regulations, as Corporate Interest Spikes

Hester Peirce, the commissioner of the US Securities and Exchange Commission, has asserted that there is a need for precise regulation of cryptocurrency. The recent spike in institutional interest in cryptocurrencies from the likes of Tesla, MasterCard, BNY Mellon, etc., is likely the trigger for the renewed regulation call by authorities.

“That adds to the urgency of us taking some sort of action in this area to provide more clarity,” the SEC executive said.

Also, Peirce commented on the recent “Reddit Rally” on GameStop, noting that it is still too early to implement to seek any policy changes as a result of the frenzy. However, she stated it was “wonderful” that a new generation of investors was participating in the market.

The Republican commissioner has always maintained an accommodative outlook on the cryptocurrency market. However, she has been calling for the creation of clear-cut regulations to allow crypto assets to thrive without toeing any law-breaking line.

“It’s not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look,” she commented.

SEC Deliberates Corporate Investment Influence on the Crypto Space
The commissioner, or “Crypto Mom” as she’s popularly called, added that the SEC is now deliberating on a host of issues, including market volatility, the role of retail brokers, and the functionality of the post-trade market. The SEC executive said that “to see new investors participating in the markets is a good thing, and of course, we want them to be educated and skeptical.”

Peirce’s regulation concerns are not unfounded considering the kind of effect large cryptocurrency investments have on the price dynamics of the underlying digital asset, with Bitcoin (BTC) and Dogecoin (DOGE) as examples.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.