Member of the Commission on securities and exchange Commission (SEC) Hester pierce believes that the cryptocurrency markets should be given the opportunity of self-regulation when possible. Related comments of the Commissioner did at the event the MIT Bitcoin Expo on Saturday, 2019 in the course of discussions with the Chairman of the Commission on trade commodity futures U.S. (CFTC) Gary Genclerin.
Gensler called for the creation of clearer and more uniform regulation at the national level, noting that the positive impact of such structures will be felt not only platforms, working with security tokens and complex investment instruments, but also those who are associated with the underlying assets in that market, such as bitcoin.
In response, Pearce stated:
“It is important to remember that the people govern each other in the process of interaction. This is the purpose of bitcoin is to create a community that will be able to regulate itself. As problems arise, people in this community begin to look for solutions. One of the models provides for the regulation by the state, but I think this is not the only model.”
Gensler believes that government regulation of cryptocurrencies should touch more aspects related to the protection of investors, combating money laundering and to eliminate legal contradictions that currently exist at the level of individual States. Pierce noted that local authorities must follow the uniform requirements defined by laws on the implementation of remittances, however, can present individual requirements.
“This model of regulation we have chosen. But again, these markets could regulate themselves, if we lived in a world where it would be allowed”, she explained.
Pearce added that the regulation should remain soft if the specific conditions do not require otherwise. However, the industry of cryptocurrency are required to follow the provisions of the SEC relating to the registration of the business and to declare itself either as exchange or as an alternative trading platform that will allow them to work with security tokens within the framework of the law.
In addition, pierce claims that a situation in which access to financial tools, including crypto-market, are available only to rich investors should not be:
“Our rules for accredited investors, in fact, say that you have to have a certain level of assets or income to work with some investment products. Personally, I think that these rules are not consistent with the spirit of our country, where people are given opportunities to use their skills and mental abilities with the aim of improving the quality of life. We create artificial barriers so people couldn’t do. We should revise the concept of an accredited investor, for people to be able to work with financial instruments in this area.”
Pearce also returned to the question of rejection of the brothers Winklevoss to launch a bitcoin ETF:
“I believe that in this case the SEC went beyond the given statutory powers. We had to approve the trade of this instrument.”
In February, pierce said that the current uncertainty in the regulation of the industry of cryptocurrency allows its players to act more freely.
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