Search ForexCrunch

United States Securities and Exchange Commission (SEC) Commissioner Hester Peirce, aka  Crypto Mom, has recently been quoted as saying “bitcoin is the money of the internet”.

Peirce led a Q&A session that was based on the regulation for crypto assets at the Digital Asset Compliance and Market Integrity (DACOM) Summit in New York yesterday on 26th September. The event was hosted by a law firm Hogan Lovells and Solidus Labs who are a  market surveillance tool provider.

Within the event, it seemed  like Peirce felt the US regulators are trying to fit cryptocurrencies around existing rules rather than create new ones that could be more suitable to the nature of cryptocurrencies.

Peirce seemed acknowledged  that the regulator’s slow response to new technology hinders the progress of the American blockchain sector.

“Store of value, I think, is a really important function. I do think that we’ll see as technology changes, that they become much more the money of the internet,”

It was also apparent that despite snail’s pace regulative changes, she has remained assured within the long-run viability of the domestic cryptocurrency business

She then went on to say:

 The SEC needs to “think about how we need to apply our enforcement resources” adding that while the agency goes after fraud, they “also brought cases against people who have done offerings and didn’t register it.”

So even as a supporter of the crypto world  Commissioner Hester Peirce still thinks there is work left to be done. Regulation is too slow and  the industry cannot self regulate.