SEC Commissioner Hester Peirce Urges Inclusive Crypto Regulation Framework

SEC's Hester Peirce: Congress Must Act on Crypto Regulation, Not Just Rulemaking

The U.S. Securities and Exchange Commission (SEC) has been working on developing regulations for the cryptocurrency market, but Commissioner Hester Peirce believes that congressional action is also necessary to effectively regulate the space.

In a recent interview with The Block, Peirce emphasized that while the SEC is working to develop rules for the cryptocurrency market, congressional action is also needed to provide a comprehensive framework for regulation.

"We need to have a legislative framework that provides guidance to the SEC and to the industry," Peirce said. "We can't just rely on rulemaking to get the job done."

Peirce's comments come as the SEC continues to grapple with how to regulate the rapidly evolving cryptocurrency market. The agency has been working to develop rules for the space, including a proposal for a new registration regime for digital asset exchanges.

However, many in the industry have been critical of the SEC's approach, arguing that the agency's rules are too broad and could stifle innovation in the space.

Peirce's comments suggest that she believes that congressional action could help to address some of these concerns and provide a clearer framework for regulation.

"It's not just about the SEC doing things," Peirce said. "It's about having a legislative framework that provides guidance and helps to create a sense of certainty for the industry."

Peirce's comments also suggest that she believes that congressional action could help to address some of the broader issues facing the cryptocurrency market, including issues related to taxation and consumer protection.

"It's not just about the SEC doing things," Peirce said. "It's about having a legislative framework that provides guidance and helps to create a sense of certainty for the industry."

Overall, Peirce's comments suggest that she believes that congressional action is necessary to provide a comprehensive framework for regulating the cryptocurrency market. However, the question remains as to whether Congress will take action on the issue and what the outcome of such action would be.