Hester Peirce Of The SEC Fears Regulation Could Stifle Innovation

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Last Updated on 11 June 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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When it comes to US politicians, crypto seems to have made a lot of enemies. Earlier this week, Democratic Senator Elizabeth Warren warned against the growing importance of Bitcoin in view of the hacking of a US pipeline and beef factory.

Even former US President Donald Trump now has doubts on the validity of Bitcoin. Last Monday he explained on Fox that:

My opinion is the currency of this world should be the dollar. And I don’t think we should have all of the bitcoins of the world out there. I think they should regulate them very, very high.

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Initial reaction

However, on the Republican side, it seems to have some friends as well.

There is of course the well-known crypto enthusiast from Wyoming, Senator Cynthia Lummis, who’s been a HODLer for years and then there’s Hester Peirce, known in the cryptosphere as Crypto Mom.

Pierce is one of two Republicans among the five commissioners at the Securities and Exchange Commission reviewing cryptocurrencies, who claimed that she was worried about the push by several US regulators to play a more active role in the $1.5tn cryptocurrency market.

I am concerned that the initial reaction of a regulator is always to say: I want to grab hold of this and make it like the markets I already regulate.

Peirce said in an interview with the Financial Times this week.

I am not sure that’s going to be great for innovation. I think regulation doesn’t all have to happen at government-level. You can have pretty effective self-regulation.

mmaxer / Depositphotos.com