A senior figure of authority in United States Securities and Exchange Commission (SEC) said on Feb. 8 that crypto industries are maybe best benefitted from a delay in the establishment of regulatory framework, one which could effectively curb their freedom.
Known in government circles as the “Crypto Mom” for her outburst against her own employer’s decision to rule out a Bitcoin (BTC) exchange-traded fund propsed by the Winklevoss Twins, Hesiter Peirce, one the many commissioners of SEC, made her stance on regulatory delays in her speech at the University of Missouri School of Law.
Pierce made it clear that the delay in a regulatory bill was not exactly due to the obscure nature of how blockachain firms operate, stating:
“We might be able to draw clearer lines once we see more blockchain projects mature. Delay in drawing clear lines may actually allow more freedom for the technology to come into its own.”
The commissioner laid SEC’s vision for everyone to see, by discussing how the regulator had to oversee a number of factors that would allow the crypto industry to mature without compromising current financial laws:
“If we act appropriately, we can enable innovation on this new frontier to proceed without compromising the objectives of our securities laws — protecting investors, facilitating capital formation, and ensuring fair, orderly, and efficient markets.”
Pierce conceded that the process was bound to be lengthy and sometimes even regulators were at fault. Speaking her thoughts, the Crypto Mom stated that certain crypto startups were unable to make peak in the existing framework.
Pierce noted that SEC makes willing crypto investors nervous at times with its tentative nature in dealing with crypto projects:
“We rightfully fault investors for jumping blindly at anything labeled crypto, but at times we seem to be equally impulsive in running away from anything labeled crypto. We owe it to investors to be careful, but we also owe it to them not to define their investment universe with our preferences.”
On an ending note, Pierce said that the country’s Congress may prefer to treat certain digital assets as a separate asset class to clear the way for a faster regulation bill.