Pro-cryptocurrency U.S. SEC Commissioner Hester Pierce urges cryptocurrency companies not to back down in their push for regulatory transparency U.S. Securities and Exchange Commission (SEC) Continue to suppress several well-known digital asset companies.
Regulatory uncertainty ‘will pass’
While there may be a less-than-friendly relationship between the SEC and cryptocurrency industry stakeholders, Pierce believes collaboration is necessary as these stakeholders need to discuss with the commission the right approach to regulating the industry. She said that could prompt the council to “change its mind”.
in a interview “Don’t give up on America. This too shall pass, this chaos shall pass,” Pierce said on Cointelegraph, speaking directly to domestic cryptocurrency companies.
She stressed the need for clear regulation of digital assets and suggested the commission was “far behind” in developing a comprehensive regulatory framework for digital assets.She mentioned how other countries like Switzerland Singapore appears to be leading the way in providing regulatory clarity to digital asset companies in these countries.
Many believe the SEC’s stance on the industry may be due to the commission’s possible unfamiliarity with the technology. However, Pierce dismissed this idea, mentioning that “there are a lot of people in the agency who know a fair amount about cryptocurrencies.”
The SEC has long been criticized for its continued crackdown on the digital asset industry despite not having a regulatory framework in place to gain the legality to carry out such enforcement actions.
For one, many believe that whenever the SEC takes certain actions against cryptocurrency companies, it is acting beyond its regulatory authority, as the SEC should primarily focus on companies offering securities that are not cryptocurrencies.
This view is exactly what Coinbase, the largest exchange in the United States, said, use The committee said in its response to the lawsuit established Against it operating as an unregistered stock exchange by offering multiple digital assets on its platform.
Retaining crypto entrepreneurs requires regulatory certainty
Pierce’s comments came as Solana co-founder Anatoly Yakovenko urges The U.S. Congress moved quickly to enact laws regulating the cryptocurrency industry. He believes this is necessary to “protect America’s technological leadership.”
Regulatory uncertainty in the United States is believed to be one of the factors that prevents some entrepreneurs from launching cryptocurrency projects in the country. Meanwhile, other companies with existing U.S. operations are choosing to move operations abroad due to a lack of clarity.
Cryptocurrency exchange Bittrex is one such company, End its U.S. operations earlier this year due to “ongoing regulatory uncertainty.”
Total market cap recovers to $1.05 trillion | Source: Crypto Total Market Cap on Tradingview.com
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