SEC Commissioner urges to reform crypto industry regulation

U.S. President-elect Donald Trump decided to pick Paul Atkins as the chairman of the SEC last week; now, the commissioner has urged for crypto reform.

Securities and Exchange Commission (SEC) commissioner Hester Pierce calls for the next government to reform the crypto industry, one of them by stopping the bottleneck of government regulations.

She noted that the digital asset industry faces obstacles to accessing the services they need. Therefore, she urges the government to stop preventing the crypto industry and start to move forward.

The newly-elected government also needs to provide a clear framework for the commission to supervise this emerging industry. Clarity of framework is required to make a clear stance for the regulator and the market.

As a regulator, she mentioned that the government should jointly work with the industry to evaluate the existing rules and provide any modifications that are needed.

“Work with entities involved in crypto to try to figure out how the existing rules apply and where adjustments need to be made. And that needs to be a group exercise. It needs to be done in the public so that everyone can participate in it. And I think we can get to a good place to do that relatively quickly,”

Pierce says on the interview with Fox Business

SEC under Atkins’s leadership

Pierce, at the same interview, stated that the newly-picked chairman for next year, Paul Atkins, “is very good at thinking about how to use the government efficiently and effectively to solve problems”.

She was also not shocked by Gary Gensler’s decision to step down from his position due to the change in the head of government.

On Ripple’s lawsuit, Pierce has not replied with any comment yet, but this long process of legal actions, which was already taken by 2020, is the most expensive and inefficient way to regulate.