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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 told the FT. I’m not sure it’s great for innovation.
Second-term Commissioner Peirce is a long-time advocate of a calibrated approach to crypto regulation. At CoinDesks’ recent Consensus21 event, she said custody rules in the United States should be modernized to accommodate the new paradigm of digital assets.
Peirce stressed that self-regulation remains a fairly effective way to manage digital assets, a comment suggested by the FT exposes a split at the top of the SEC, as its new chairman, Gary Gensler, seeks to strengthen crypto regulation -change.
The SEC commissioner also defended what she called the gamification of capital markets seen last year with retail traders using the Robinhood platform and response from stocks such as game retailer GameStop, a phenomenon also under the control of regulators.
Gamification is not necessarily a bad thing; making financial platforms more user-friendly is not a bad thing, said Peirce. Platforms like this should be like other platforms in people’s lives.
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