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Hester Peirce aka Crypto Mom, spoke at Fortune’s Brainstorm tech event recently, explaining her views about regulations for cryptocurrencies and the approach taken by her peers at the SEC. The SEC Commissioner also opined on the hot topic at the moment, Facebook’s Libra.
Peirce stated that the SEC is trying its best by visiting places, having discussions with people about their projects and helping them with regulatory concerns. The SEC is taking a ‘safe harbor’ approach with respect to cryptocurrencies, and is trying to stop crooks, criminals, and grifters associated with the cryptospace. Peirce stated that it was important to keep investors safe and make sure that the money goes towards projects that are worthy and will add value to the ecosystem.
Addressing the elephant in the room – David Marcus’ hearing at the Senate, Peirce said that she personally hasn’t spoken to Facebook. However, she admitted to having read the whitepaper.
“One of the things that excites me about Facebook’s Libra is that it’s really a way to bring the world together so that people can collaborate from all across the world and get paid for their contributions to projects in ways that doesn’t involve complicated currency transactions. Everyone can get paid with the same currency, so it’s almost like the money to go along with the internet and I think that’s where the potential value of cryptocurrency lies “
Peirce added that it was natural for Facebook to capitalize on its gigantic user base spread across the world, something that is theirs for the taking. Expressing concerns about the U.S. losing out on innovation, Peirce added that regulators are not generally nimble, and that the same was the case with the United States’ SEC.