United States Securities and Exchange Commission (SEC) commissioner Hester Peirce is declaring the urgent need for regulatory clarity across the crypto industry.
Pierce, who has long supported cryptography and continually advocates for clearer regulations around digital assets, tells Reuters that SEC guidance is needed as big corporations like Tesla and BNY Mellon seek to participate in the digital assets industry.
“[The participation of corporate actors] there is an increased urgency for us to take some action in this area to provide more clarity …
It is not just because there has been a demand for clarity for some time and that a new management has the chance to take a fresh look, but it is also a time when it looks like other people in the market are also taking a fresh look. “
In a new interview with Forkast News, Pierce further addresses the SEC’s role in regulating digital assets, admitting that, under current legislation, it can be difficult for companies to understand when an asset is a security.
“We have a specific definition of security, which, in fact, is quite broad and has caused consternation and difficulty in trying to find out exactly what are the parameters of security in our space … And this is where most problems arise. .
The commissioner hopes that by 2021 the agency will be able to work more closely with other regulatory bodies to help the public better decipher the boundaries of a title.
We made some progress in 2020 that the OCC (Office of the Currency Controller) took some steps to provide clarity in 2020 and now in 2021 and we also saw clarity emerging in places like Wyoming and I am hopeful that the SEC will take some more measures to provide greater clarity.
But I think it has to be a combination of legislative potential and each agency working individually to address specific issues in its domain and then have some cross-agency work going on, but I think we could do more coordination between agencies. “
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