Hester Pierce: We need to hurry with the adoption of crypto regulation

The US Congress should accelerate in developing a regulatory framework for the cryptocurrency industry. This opinion was expressed by the commissioner SEC Hester Pierce.

“Some of the failures we have seen have nothing to do with any particular crypto asset. The beauty of markets is that people can express their own opinions. If one person does not like bitcoin, he does not need to buy it,” Pierce explained.

The official pointed to the need to independently analyze the risks and benefits of assets. In her opinion, people should be free to make decisions regarding investments.

“The role of the SEC is not to come in and say, ‘This is good, this is bad.’ […] Congress could provide clarity on many issues. You see regulators running around trying to gain influence in this space, but it would be better if Congress said, “This is the structure we want,” Pierce said.

In 2021, she called on the Commission to work with crypto companies to create a “reasonable framework” for oversight.

Later, the official criticized the head of the SEC, Gary Gensler, for his position on digital assets and questioned the usefulness of the Howey test in classifying cryptocurrencies.

In January 2023, Pierce stated that the community and regulators should learn from the challenges the industry is facing.

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