Regulation

SEC Commissioner Peirce says US is not sitting ‘idle’ over crypto regulations, but could learn from other countries

August 5, 2019, 4:45AM EDT

Hester Peirce, a commissioner at the Securities and Exchange Commission (SEC), has said that the U.S. has not been sitting “idle” toward finalizing cryptocurrency regulations, but could learn other countries’ initiatives in the space.

Peirce, also known as “crypto mom,” made the comments in a forum organized by the Singapore University of Social Sciences last week, saying that as a lot of activity is happening outside the U.S., “we have to think about our regulation with a sensitivity for cross-border considerations, cooperation, and what I call co-learning.”

The SEC could take ideas from countries such as Singapore, Thailand, Hong Kong and Japan in Asia, as well as Malta and Switzerland in Europe, and Bermuda in North America in “untangling some of our most difficult legal and policy questions” in the cryptocurrency space, she said. 

“Just as states take different approaches and learn from one another in the U.S., crypto regulation affords international regulators the opportunity to learn from one another,” Peirce added.

The commissioner also reiterated her concern that the U.S. will fall behind other countries in attracting cryptocurrency-related businesses if it did not move forward with a clear regulatory regime.

“I would like to see more focused momentum at the U.S. SEC toward finalizing our regulatory regime for digital assets,” she concluded.

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