Offering her own views, SEC commissioner Hester Peirce believes the regulator is stifling the crypto industry. | Image source: YouTube
Pro-bitcoin SEC Commissioner Hester Peirce says adopting a single global regulatory framework for crypto is an “unwise” approach to governing the budding industry.
Peirce says continued communication among the world’s financial regulators is the key to unlocking the opaque regulatory puzzle we find ourselves in.
“While I believe a single global regulatory framework would be unwise, regulators can create a healthy environment for this new market to grow by sharing information that will smooth cross-border transactions while stamping out fraud and other harmful activity.”
Hester Peirce: One set of crypto rules not the answer
Peirce made the remarks this week at the Singapore University of Social Sciences’ Convergence Forum, where she discussed crypto regulations.
At the event, Peirce — who has been dubbed “Crypto Mom” for her pro-bitcoin viewpoints — underscored the need for global cooperation as the worldwide market grows.
Peirce says because so much crypto activity occurs outside the United States, the SEC has to approach regulations with “a sensitivity for cross-border considerations, cooperation, and co-learning.”
Peirce stressed that international dialogue about “how and whether to regulate crypto” in different countries is critical for nurturing this nascent industry.
However, Peirce says a single worldwide regulatory framework is not the answer. Why? Because it’s important to have regulatory competition to ensure a healthy, non-monopolistic marketplace.
“My fondness for competitive markets extends to regulatory markets. The resulting regulatory competition will allow us to see what works well and what does not work at all.”
Peirce says the SEC should continue to talk with its international counterparts for ideas on how to address crypto laws and policies.