SEC commissioner says we’re shooting ourselves by not having a crypto regulatory regime in the US

Hester Peirce suggested that US lawmakers follow the crypto rules developed by the European Union & UK.

Hester Peirce was appointed by former President Donald Trump. Peirce has won the nickname “crypto mom” for her outspoken and unwavering support of the crypto industry. She is a commissioner at the United States Securities and Exchange Commission (SEC).

Recently the FT reported that the SEC Commissioner Pierce said that the crypto regulation framework designed by Brussels and London is a blueprint for US lawmakers. And also said that if the US will not adopt cryptocurrencies then surely it will be similar to shooting himself at own feet.

“(The UK’s)approach can serve as a model for us, and MiCA (Markets in Crypto Assets Regulation) can serve as a model for us. I think we’re shooting ourselves in the foot by not having a regulatory regime in the US,” the SEC Commissioner reportedly said.

Further, the SEC Commissioner said that the US crypto crackdown is creating huge legal hurdles among the crypto firms in the US, and in this situation, they are going out of the US jurisdiction. She also dragged Coinbase vs SEC conflict and explained that Coinbase always followed all the rules, to remain in full compliance with the traditional rules & regulations but still faced regulatory pressure.

Coinbase vs SEC

In March of this year, the US SEC body sent a Wells notice to the Coinbase exchange to hint that the SEC body may initiate an enforcement action against the company over securities laws violation.

Later response by the Coinbase exchange’s executives confirmed that the Coinbase team approached the SEC body several times to get clarity on the rules & potential violation of the laws but the SEC body never responded.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.