{"id":128182,"date":"2021-06-09T11:10:39","date_gmt":"2021-06-09T11:10:39","guid":{"rendered":"https:\/\/precoinnews.com\/?p=128182"},"modified":"2021-06-09T11:10:39","modified_gmt":"2021-06-09T11:10:39","slug":"stricter-crypto-laws-will-stifle-innovation-says-sec-commissioner-hester-peirce","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/stricter-crypto-laws-will-stifle-innovation-says-sec-commissioner-hester-peirce\/","title":{"rendered":"Stricter crypto laws will stifle innovation, says SEC Commissioner Hester Peirce"},"content":{"rendered":"
Hester Peirce of the United States Securities and Exchange Commission has once again urged regulators to take a step back from attempting to overregulate the crypto space.<\/p>\n
Speaking to Financial Times, Peirce, affectionately dubbed \u201cCrypto Mom\u201d due to her positive stance on cryptocurrencies,\u00a0argued against the need for strict regulatory policies.<\/p>\n
According to Peirce, regulators by nature often have a knee-jerk reaction to emerging market spaces, often at the expense of innovation.<\/p>\n
The SEC commissioner warned that pursuing stricter regulatory policies eliminates the ability of market participants to carry out peer-to-peer transactions. Rather than emphasizing government regulations, Peirce advocates for industry-led regulatory activities.<\/p>\n
Indeed, the commissioner is a longstanding supporter of crypto self-regulation. Back in March 2019, Peirce made the case for crypto self-regulatory organizations in a debate with the current SEC chairman Gary Gensler.<\/p>\n
Peirce is not the only U.S. regulator to advocate for crypto self-regulation. As previously reported by Cointelegraph, Commodity and Futures Trading Commission Commissioner Brian Quintenz called for industry stakeholders to create a self-regulatory framework back in February 2019.<\/p>\n
Japan remains an example of somewhat effective crypto self-regulation, with the country\u2019s cryptocurrency SRO liaising with government regulators on important legal and policy matters. <\/p>\n
Peirce\u2019s latest call for nuanced crypto policies comes amid indications of a significant push for stricter cryptocurrency regulations in the United States. Treasury Secretary Janet Yellen and SEC chairman Gary Gensler have both stated their intention to closely monitor the market.<\/p>\n
On Tuesday, the Internal Revenue Service called for congressional authority to regulate cryptocurrencies. Back in May, the Treasury Department announced a new plan to ensure crypto service providers report transactions exceeding $10,000 in value.<\/p>\n
Meanwhile, the Senate Banking Committee will hold a session on Wednesday to discuss issues concerning a possible Federal Reserve-issued digital currency. Reports indicate that the discussion could also extend toward the broader crypto market.<\/p>\n