The Commissioner at the US Securities and Exchange Commission, Hester Peirce, mentioned the urgent need for clear cryptocurrency regulations amid crypto adoption by leading companies like Tesla and Mastercard. During an interview with Reuters, the SEC commissioner praised the involvement of a new generation of investors in financial markets. Peirce mentioned that it was too early to draw policy conclusions from the recent Reddit frenzy in stocks and other cryptocurrency assets.
Peirce has asked for clear cryptocurrency regulations.
Hester Peirce is known for her crypto-friendly stance, and the community also nicknamed her as “Crypto Mom.” She asked for clear cryptocurrency regulations and to remove the uncertainty regarding digital assets’ status in the US. “It’s not only that there have been calls for clarity in crypto regulations for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look. That adds to the urgency of us taking some sort of action in this area to provide more clarity,” SEC commissioner said.
Regulators around the world look to regulate the crypto industry.
Regulatory authorities worldwide are planning to regulate cryptocurrency assets amid growing demand from retail traders and the involvement of institutional investors. As reported earlier, Tesla, the world’s largest electric-car marker, revealed in its latest filing that the company invested $1.5 billion in the world’s largest cryptocurrency, Bitcoin. Mastercard, one of the leading global financial firms, announced in the previous week that the firm is planning to accept cryptocurrencies this year. The SEC Commissioner said that there is an urgent need for a clear crypto regulatory framework after major companies’ involvement in different cryptocurrencies.