delayed Regulation will give more time to grow for cryptos
On Friday 8th of February the commissioner of SEC told that if it takes more time to set up the crypto legislation then the business will have more freedom to work on its on mood as it will be getting more time span.
Heister Peirce, also known as “crypto momy” in the community was given the name for holding strong opinion against SEC’s choice of rejecting a Bitcoin ETF as proposed by Winklevoss twins. A few days back, Robert Jackson SEC commissioner shared his thought on Bitcoin ETF, in which he said it would be eventually permitted.
Peirce has criticized her fellow commissioner during a speech in Mississippi college of law for the stance they have for the cryptocurrencies. She also said SEC is behaving as a investment guide and not considering the matter for the fair operation of capitals or protecting the investors. Till date SEC has not approved any ETF.
Speaking on the delay of regulating the cryptocurrencies, she said that indistinctness is not dangerous. She further added that clearer picture will only come as many blockchain projects gets mature, delay will give the technology some more time to grow on its own.
She opined that regulating a new industry can be a stressful and lengthy process. SEC has to act consciously so that the growth of the industry can happen without compromising with the current law. She also said that enforcing laws on crypto investors is not her favoured method of regulating. In her view some crypto projects cannot succeed because of the security laws. She too said that sometimes SEC’s hesitation in dealing with crypto projects makes an investor feel deceived to raise money.
According to pierce it may be possible to make a new frame work and address all the grey and black areas of the cryptocurrencies, ICOs and securities by the US congress, simply by treating some of the virtual assets to a different asset class.
Earlier Peirce also urged to her colleague to have a little open mind when it is about adoption of this new virtual currencies. But for that it may take a bit of more time. She also asked the investors not to wait for BTC ETF as it may take long time to happen.
Cryptocurrency market is waiting to see more regulations to come. Regulating the currency is important as it will create a safer place for the investors. It is not an easy task to happen overnight it may take some time and lot of hard work from commissioners like Hester Peirce.