[ad_1]
Share
Tweeter
Share
Share
Share
United States Securities and Exchange Commission (SEC) Commissioner Hester Peirce is sounding the alarm that rigid rules surrounding cryptocurrency could backfire on potential investors, the Financial Times reported on Wednesday 7 June.
The high-level commissioner countered her colleagues in favor of instituting tighter mandates and control over the $ 1.5 trillion cryptocurrency market. Of the five SEC commissioners, Peirce is one of two Republicans. She told FT that she was concerned that several US regulators wanted more oversight on crypto.
I’m afraid a regulator’s initial reaction is always to say I want to grab this and make it like the markets I already regulate, Peirce said in an interview with FT. I’m not sure it’s great for innovation.
Peirce was appointed to the SEC in 2018 by former President Donald Trump and has experience researching financial regulations with the free market think tank Mercatus Center. She was also a staff attorney for the SEC, per FT.
Peirces’ opinions could suggest that SEC Chairman Gary Gensler will see the retreat of people inside the agency as he continues his program of tighter crypto controls, according to FT.
Many US government agencies have been thinking about how best to exercise control over the crypto market. The Treasury, as PYMNTS reported, wrote that cryptocurrency already poses a significant detection problem by greatly facilitating illegal activity, including tax evasion.
Gensler said in a congressional hearing that crypto exchanges must have a regulatory framework with the SEC or the Commodity Futures Trading Commission. How crypto is ultimately defined will determine how it is taxed, which means oversight by the Treasury Department and the IRS.
——————————
NEW PYMNTS DATA: STUDY ON CRYPTO-CURRENCY PAYMENTS – MAY 2021
About the study: U.S. consumers see cryptocurrency as more than just a store of value: 46 million plans say they plan to use it to make payments for everything from financial services to ‘grocery. In the Cryptocurrency Payments Report, PYMNTS surveys 8,008 cryptocurrency users and non-users in the United States to examine how they plan to use crypto to make purchases, what crypto they plan to buy. ‘use and how merchant acceptance can influence merchant choice and consumer spending.
[ad_2]
picture credit