“Scriptorama” and urged the SEC to humility, flexibility and recognition of the cryptocurrency
The Commissioner of the Commission on securities and exchange Commission (SEC), Esther Pearce, which in the cryptocurrency community with love called “cryptomonas”, once again called on the government and regulators to accept and recognize digital assets.
She believes that the current technological revolution in the field of financial services has enormous potential and will have long term positive results. Pierce isn’t the first time publicly commented on the topic of regulation of cryptocurrencies, and this distinguishes it from many colleagues who prefer to remain silent.
A considerable part of his speech at a recent conference on financial technologies in San Francisco “scriptorama” dedicated to the young asset class. In his speech Pearce mentioned bitcoin a few dozen times.
Pierce got his nickname after openly expressed disagreement with the decision of the SEC to refuse several companies in applications for the bitcoin ETF. She agreed with this “title”, noting:
They called me “cryptogamous” in response to my disagreement [with the decision of the SEC]. I always wanted to be a mom, so the new title was an honour. Of course, I envisioned a different kind of motherhood, but one of the wonderful sides is that children grow up completely not such what expected to see their mom.
Further, pierce said that the question of the regulation of cryptocurrencies SEC remains to be done to respond to the enthusiasm of investors. Commenting on the refusal of requests on ETFs, the Commissioner noticed that this decision was made with “good intentions”.
However, she added that members should also reflect on the fact that its current oppressive policies can discourage investors, innovators and owners of assets. Pierce asked the Agency to waive the requirement of governmental regulation as a precondition to exit the cryptocurrency products on the market.
She pointed to the fact that the decision maker controls in the majority “are neither entrepreneurs nor professional technology”. Consequently, according to Pearce, the head of the Agency required “appropriate share of humility” that will allow them to respond adequately to the efforts of the community to search for innovative financial solutions.
“Scriptorama” urged regulators to become more open to breakthroughs in financial technology, having learned a more flexible approach. So, she believes that it is necessary to enable FINTECH companies to independently verify whether their experiments with existing laws and regulations.
In addition, it is proposed to create an “Office of innovation”, a new division at the SEC, designed to assist and support innovators, to enable them to “navigate the complex processes”.