US Securities and Exchange Commission (SEC) Commissioner Hester Peirce explained the agency’s vision for cryptocurrency regulations under the new US President Donald Trump. In a recent interview, Peirce identified three key priorities that will bring clarity to the crypto industry and spur growth.
SEC and Cryptocurrencies
Peirce emphasized that the crypto industry needs to be freed from “regulatory pressure.” He argued that the SEC should stop restricting access to crypto services, especially custody services, which are vital to growth in the industry. He noted that such services are imperative for the smooth functioning and expansion of crypto businesses.
Expressing that there is a need for clearer guidance on which activities and assets the SEC should regulate, Peirce stated that clear definitions will help crypto businesses better understand their obligations. This clarity will enable more effective navigation of crypto regulations, reducing the risk of legal errors.
Cooperation with Crypto Companies
Hester Peirce also emphasized the importance of collaboration between the SEC and crypto industry stakeholders. He suggested the agency work directly with the industry to determine how current rules apply and where adjustments need to be made. He stated that this cooperation should be a public process in which all parties can participate.
Hester Peirce’s comments come after Coinbase disclosed FDIC “pause letters” restricting banking services to crypto businesses, which it obtained through a FOIA request. The documents include the FDIC directing banks to pause crypto-related activities for further review.
Paul Grewal, Chief Legal Officer at Coinbase, stated that these letters confirm the existence of coordinated efforts to limit crypto banking access.
Finally, Peirce’s suggestions on SEC’s crypto regulations can be considered as important steps towards achieving freer and clearer regulation of the sector. These regulations are expected to contribute to the sustainable growth of the crypto industry.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
