Hester Peirce Says Crypto Regulatory Competition is Healthy

Wilfred Michael 

Wilfred Michael

News reporter

02 August 2019,
14:02
Hester Peirce Says Crypto Regulatory Competition is Healthy

SEC Commissioner Hester Peirce branded 'crypto mom' by the industry, has spoken favorably about the diverse regulations currently being put in place by different jurisdictions around the world to govern the emerging space.

Peirce, according to CrowdfundInsider, made that assertion during her trip to Singapore this week to attend the SUSS [Singapore University of Social Sciences] Convergence Forum.

Singapore is notably one of the growing numbers of countries creating a room for cryptocurrency and blockchain-related companies by enacting rules that encourage innovation around the industry while at the same time ensuring consumer protection.

The situation in the United States, however, remains in stark contrast to Singapore's with Ripple and Kraken executives being the most recent persons to comment on the lack of clear rules for crypto companies in the U.S.

It was the diverse regulations that formed part of the basis for Hester Peirce's speech at the SSUS Convergence Forum in Singapore this week.

The SEC Commissioner who strongly advocates for flexible regulations to guide the U.S crypto industry told her audience that the diverse regulatory framework for cryptocurrencies in different countries provides an opportunity for governments to learn from each other.

Specifically, she urged the U.S SEC to copy the pattern set by other jurisdictions in their quest to untangle some of our most challenging legal and policy questions regarding cryptocurrencies.

Peirce said that these regions where citizens are already conveniently allowed to buy and sell cryptocurrencies are also facing the same questions as the SEC is regarding creating a regulatory regime.

In the end, some will have more relaxed rules and the others, a situation that Peirce said should benefit the industry in the long run.

"The resulting regulatory competition will allow us to see what works well and what does not work at all. My fondness for competitive markets extends to regulatory markets,” Peirce reportedly said.

 

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