“Crypto-mom” Heister Peirce wants the SEC to use more flexible regulations in dealing with cryptocurrencies and tokens.
In her position as Commissioner of the Securities and Exchange Commission (SEC), she is willing to create a non-exclusive safe harbor for token offerings. Issuers would be able to offer new tokens under a regime with robust requirements.
The SEC and similar organizations should not be “merit regulators.” The market participants should decide on which asset to invest.
Otherwise, the US will fall even more behind other countries in Europe and Asia, which are leading the way in the field.
Bitcoin raises above $ 11,800 while global stock markets plunge.
Blockchain in Government
Hester Peirce, one of the commissioners of the US Securities and Exchange Commission (SEC), is willing to create a non-exclusive safe harbor for token offerings. Issuers would be able to offer new tokens under a regime with robust requirements. Unless citizens wanted to be under the jurisdiction of an international organization, a local authority would be able to establish the best rules for its investors and markets. Earlier this year, SEC Chairman Jay Clayton stated that he would feel comfortable with cryptocurrency custody. It would ensure no market manipulation before approving a crypto exchange-traded fund.
Hester Peirce, US Securities and Exchange (SEC) Commissioner, believes that the crypto-space needs some leeway for innovation. The SEC and similar organizations should not be “merit regulators.” The market participants should decide which asset to invest in. The SEC should just provide a regulated framework to help US investors deal with the current patchwork of state and federal laws. Today America is slowing blockchain innovationbecause the SEC needs to use decades-old regulations to address brand new crypto-assets. Jay Clayton, Chairman of the SEC, has repeatedly considered initial coin offering (ICO) tokens as securities. But Peirce believes this puts the US at a disadvantage in the digital economy. Nations in Europe and Asia have already claimed a preminent positions in the field. Few weeks ago, US Treasury Secretary Steve Mnuchin declared that the SEC and other regulators will have to develop crypto-specific laws.
A new guidance is expected from the IRS in the next 30 days that will explain how to deal with taxes on cryptocurrencies and tokens.