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In a panel moderated by RealClearPolicy, SEC Commissioner Hester Peirce shared her insights on the future of cryptocurrency regulation during the Biden presidential era. Known popularly as the Crypto Mom, Peirce recommended the need for the growth of innovation in the crypto space while keeping the criminals out of it.
Hester Peirce Shares Insight on Crypto Regulation Under Biden
RealClearPolicy is a conservative political news site, affiliated with the Federalist Party. Conservative members such as Roslyn Layton of Forbes; Representative Patrick McHenry of North Carolina’s 10th congressional district; and J.W. Verret, a law professor and the former advisor of Trump were also in the panel discussion along with Peirce.
The panel discussion involved regulating cryptocurrencies during the upcoming Biden administration. The discussions also ranged from privacy concerns to creating bipartisan coalitions around cryptocurrency legislation.
With the recent, Gary Gensler named as the U.S. SEC chair, McHenry was quite optimistic on the nomination:
“Gary’s worldview is well-known as it pertains to his previous role in the Obama administration. His views in many respects have been shaped by his post-regulator career, and I think he has a broad understanding of financial technology and financial innovation. And in that regard, I have a sense of optimism that he may bring a thoughtful approach to his new role as a regulator.”
SEC Should Take Fresh Approach in Regulating Cryptocurrencies: Peirce
Peirce suggested that the SEC should take a fresh approach in regulating cryptocurrencies in the Biden era, given the increased interest of institutions and retail traders in Bitcoin during 2020, saying:
“We have seen during 2020 quite a bit of institutional interest and retail interest in Bitcoin and other cryptocurrencies.”
She even spoke on the need for privacy during financial transactions, without the fear of surveillance. Peirce perhaps was referencing the recently proposed guidelines from the Financial Crimes Enforcement Network (FinCEN) that mandates cryptocurrency on reporting.