SEC Commissioner Hester Peirce says digital assets could one day be 'the money of the internet'

advertisement

At a cryptocurrency compliance summit in New York hosted by Solidus Labs today, SEC Commissioner Hester Peirce spoke about the U.S. Securities and Exchange Commission's (SEC) views on cryptocurrencies, how the U.S. can improve the process for new regulations, and how the SEC enforces cryptocurrency fraud.

Peirce states that she views digital assets as "transaction mechanisms" and that she believes store of value is an important function of these assets. "Store of value, I think, is a really important function. I do think that we’ll see as technology changes, that they become much more the money of the internet," Peirce said.

On the topic of U.S. regulation, Peirce agreed with the moderator's belief that the U.S. is becoming less competitive due to its slow turnaround on new regulations. "When I came to the SEC one of my hopes was to help change the way it addresses innovation. In my first round I saw it was slow," she added.

Peirce also noted that the SEC needs to "think about how we need to apply our enforcement resources" in the cryptocurrency space, adding that while the agency goes after fraud, they "also brought cases against people who have done offerings and didn’t register it."

"The question is where in this spectrum you fall and how much we should spend on different parts of the spectrum," she concluded.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

The Era of dFMI for Institutional Digital Asset Markets

Post-trade in capital markets today operates primarily based on provision of balance-sheet to off-set counterparty risk, either directly or indirectly, via settlement agents, CCPs and CSDs etc.  The issues with this ‘hub and spoke’ model are well known, including the resulting massive duplication of data, bifurcated processes, concentration of risk and subsequent deployment of capital and resources that could be better utilized. 
Read Full Story
Sponsored Post

Retail traders are here to stay, says eToro's US CEO

On this episode of The Scoop, eToro's newly appointed US lead Lule Demmissie explained why she doesn't see retail's newfound presence in the market subsiding anytime soon and how eToro plans to capitalize on growing the business across cryptocurrencies and stock trading.
Read Full Story
Jan 26, 2022, 4:23PM UTC
More