The United States Securities and Exchange Commission (SEC) Commissioner, Hester Peirce, recently conducted a talk on “cryptocurrency innovations” wherein she called out crypto regulators to be predominantly paternalistic. The statement was made at the Digital Asset Compliance and Market Integrity (DACOM) Summit held on 26 September in New York.
The summit was hosted by Hogan Lovells, an international law firm and Solidus Labs, a machine learning-powered trade surveillance tool.
Commissioner Peirce headlined a Q&A session that heavily discussed the prospect of regulation for crypto assets and digital trading. Rightly called “Crypto Mom” due to her genial nature towards digital trade and assets, Commissioner Peirce expressed her fondness at the beginning of her talk at the summit.
She stated that it was a huge honor to be respected, accepted and well-liked in the crypto community. She also stated her positivity about global cryptocurrency adoption adding that digital currency would soon become the money of the internet. She also expressed her disapproval at the rate of regulation by the SEC.
According to her, the SEC’s laidback approach needs a quick push from Congress. She wished that the SEC would develop less paternalistic frameworks towards the whole thing. This remark comes after the SEC hearing with the United States House of Representatives Financial Services Committee on 24 September that witnessed Commissioner Peirce testifying before the House Financial Services Committee on 26 September. Commissioner Peirce made similar remarks at the hearing over regulator overreach. She expressed growing concern over overriding investor preferences, adding that it wasn’t the job of the SEC to make decisions on behalf of the investors. She also emphasized the importance of humility and human morality when working with corporations, investors and other regulators like the Commodity Futures Trading Commission (CFTC).