SEC’s Peirce Urges Clearer Crypto Regulation
Key Takeaways
- Hester Peirce, Commissioner at the U.S. Securities and Exchange Commission (SEC), is calling for clear responsibilities in the regulation of cryptocurrencies.
- Too many agencies with overlapping jurisdictions are causing uncertainty and burdening market participants.
- Peirce advocates for a stronger role for the U.S. Congress in establishing regulatory frameworks.
- Peer-to-peer transactions and software developers should receive better legal protection.
Regulatory Chaos in the U.S.: Too Many Cooks Spoil the Broth
Cryptocurrency regulation in the United States is currently a patchwork. In addition to the SEC (Securities and Exchange Commission), the CFTC (Commodity Futures Trading Commission), FinCEN (Financial Crimes Enforcement Network), banking regulators, as well as international and state-level authorities are involved. This leads to overlapping responsibilities, contradictory rules, and uncertainty.
SEC Commissioner Hester Peirce sees this as a serious problem. She warns that this regulatory overload is unnecessarily burdening both authorities and market participants. In her view, there is an urgent need for a clear legal framework that clearly defines responsibilities.
What Peirce Specifically Proposes
Peirce is urging the U.S. Congress to take action and implement the following points:
- No new agencies: Instead of creating new regulatory bodies, existing ones like the SEC and CFTC should be better coordinated.
- Focus on U.S.-based platforms: Regulations should concentrate on platforms based in the United States to ensure enforceability.
- Federal law over state law: In cases of overlap between federal and state regulators, federal law should take precedence.
- Clear rules for trading: If a crypto asset has been issued through an SEC-compliant process, it should also be tradable on CFTC-regulated secondary markets—provided it is not classified as a security.
- Protection of decentralized structures: Peer-to-peer transactions and developers of such platforms should be legally protected, including in terms of freedom of speech.
A New Direction Under Trump?
The current SEC under the Trump administration appears to be more crypto-friendly than before. Several investigations launched during the Biden era have been dropped. Instead, the agency is focusing on public hearings and discussions to clarify issues such as DeFi (decentralized finance), crypto asset custody, and the classification of tokens as securities.
Why This Matters to You
If you invest in cryptocurrencies or play at a crypto casino, this debate affects you directly. Unclear regulations could lead to platform closures, tokens being delisted, or restrictions on transactions. Clear regulation provides more security—for both providers and users.
Our Assessment
Hester Peirce’s demands are understandable. Uniform regulation would not only reduce bureaucracy but also promote innovation. Especially in a dynamic sector like crypto, legal certainty is crucial. The U.S. Congress has a responsibility to establish clear responsibilities and put an end to regulatory fragmentation. For users, developers, and platform operators, this would be an important step toward stability and trust.
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Sources
- Bloomberg
- Reuters
- The Block
- Decrypt
- Yahoo Finance
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