Hester M. Peirce, the United States Securities and Exchange Commission (SEC) Commissioner, popularly known as “crypto mom,” recently expressed her positive response for self-regulation of cryptocurrency markets. The recently held MIT Bitcoin Expo on 9th March saw the commissioner show her support towards the Bitcoin front at a public talk held in the presence of former Commodity Futures Trading Commission (CFTC) chairman Gary Gensler.
Gensler and Peirce were in a one-on-one discussion on cryptocurrency regulations. Gensler was in support of a more robust and unity integrated regulatory framework. According to him, the framework should include trading platforms as well as cryptocurrency platforms that list commodities like Bitcoin and Ethereum to name a few.
Peirce spoke against the notion set forth by Gensler stating that the whole idea of cryptocurrency and blockchain technology is built on a self-regulatory model. A government regulator isn’t the only viable model, according to her.
Gensler’s approach towards federal regulation was set as an improved approach towards bettering investor protection, preventing money laundering and addressing the current regulatory and enforcement inconsistencies across different states.
Peirce responded in favor of the status quo, emphasizing a self-regulatory model. She also voiced her support towards the effort placed by crypto trading platforms to register themselves with the United States Securities and Exchange Commission in order to fulfill the requirement to list security tokens.
Hester M. Peirce has rightfully earned the “Crypto Mom” title owing to her affinity towards the entire blockchain and crypto community. Her first tryst came with the sector when she publicly voiced her disapproval of the rejection of Bitcoin Exchange Traded Funds by the United States Securities and Exchange Commission.
In February 2019, she said that the lengthy process of establishing regulations governing cryptocurrencies in the US was working in favour of the crypto industry since it was giving it more time to mature and put in place sufficient self-regulation.
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