The Financial Times has published a new report in which it mentions comments by SEC Commissioner Hester Peirce. Peirce held up laurels in Brussels and London and urged the United States to take inspiration from their different regulatory frameworks for better regulation of cryptos.
Hester Peirce protests against regulatory vagueness in the United States
The regulation of cryptos in the United States remains at the heart of the debates. Hester Peirce thinks the country is falling behind the EU and UK when it comes to crypto regulation. The SEC commissioner lamented that the US lacks a clear regulatory framework for digital assets. He said US authorities should take inspiration from the regulatory frameworks created by Brussels and London. It should be clarified that the EU and the UK have decided to apply the rules of traditional finance to the crypto sector.
” The UK approach can serve as a model. The MiCA regulation can serve as a model. I think we are shooting ourselves in the foot by not having a regulatory regime in the United States », supported Peirce, according to the Financial Times. It should be remembered that the MiCA regulation is the set of EU rules that govern the crypto and stablecoin sector. It defines how services involving these assets are issued and provided within the EU. The entry into force of the regulation is scheduled for the year 2024.
Separately, the SEC commissioner added that the United States is pushing crypto businesses to other, better-regulated jurisdictions. He explained : ” You always come back to this question of what would happen if people moved their businesses to other jurisdictions. The fact is that if we build a good regulatory regime, people will come “.
Currently, crypto players are blaming US authorities for cracking down on the new industry instead of regulating the sector. It is true that recently crypto companies like Coinbase have found themselves in the crosshairs of US regulators. But, while some of them decided to leave the country, the Coinbase exchange maintained that it will remain in the United States. At the same time, the crypto business plans to join better regulated jurisdictions like the EU and the UK.
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