Officials are fixated on the illegal use of cryptocurrencies and do not notice their benefits, said Commissioner of the US Securities and Exchange Commission (SEC) Hester Pierce.
Speaking at a virtual conference hosted by the British Blockchain Association, the SEC urged the authorities to take a break and consider the “downside” of digital assets.
“With the absence of intermediaries, as well as the ease of storage, transfer and access, cryptocurrencies can become an important tool for people living under the threat of domestic violence, by local residents and repressive authorities,” said the commissioner.
According to Pearce, the authorities underestimate the “protective function” of digital assets, and an overly conservative position can harm investors.
“I hope this year we will see a turning point for the United States, which, in turn, may prompt other countries to take a smarter approach to regulating cryptocurrencies,” she said.
The commissioner also criticized the SEC’s “ever-changing stance” when considering an exchange traded product (ETP) based on bitcoin. In her opinion, regulators must provide regulatory clarity so that traditional financial market participants can confidently interact with cryptocurrency.
In February 2021, Pierce noted that the US capital markets are ready for Bitcoin ETP .
During her speech, the SEC representative also pointed to the growing interest in digital gold from institutional investors. Pearce did not rule out that this would push the commission to address regulatory issues.
Earlier, Pierce advocated for the creation of ” progressive rules ” for the cryptocurrency industry. She also called on the US authorities to abandon excessive measures and not limit the potential of the industry.
In February 2021, the SEC Commissioner announced the need to quickly implement clear regulatory requirements amid the adoption of Bitcoin by large companies.
We will remind, in March, a member of the US House of Representatives Warren Davidson for the third time submitted to Congress a bill that would exclude cryptocurrencies from securities legislation.