US Securities Commission (SEC) commissioner Hester Pierce pointed out the need for open regulations for cryptocurrencies.
Pierce, who has long supported cryptocurrencies, stated the need for clearly stated regulations.
“The involvement of institutional actors puts pressure on us to clearly implement regulations.
With the fresh view of the new administration and explanations about the regulations, many actors have a new perspective. “
In an interview with Forkast News, Pierce said that the SEC’s role to regulate cryptocurrencies is difficult with current regulations.
“We are very broad in the definition of security. This is why many people are not sure how cryptocurrencies will be recognized as securities. And most of the problems come from here. ”
The commissioner hopes that in 2021 the agency will be able to work harder with other regulatory agencies to help the public better resolve the frontiers of security:
“We’ve made some progress in terms of OCC taking some steps to achieve clarity in both 2020 and 2021, and we’ve also seen clarity emerging in places like Wyoming. I hope the SEC will take a few more steps to get more clarity.
However, I think it should potentially be a combination of the legislature and some of the inter-agency work that worked separately and then took place to address specific questions in its field. I think we can coordinate more between institutions. “