'Crypto Mom' Hester Peirce "Optimistic about cryptocurrency bill completion...SEC is also moving"

▲ Bitcoin (BTC) Regulation / ChatGPT generated image

Optimism has emerged within the U.S. Securities and Exchange Commission regarding the possibility of the U.S. cryptocurrency market structure bill passing Congress.

According to Benzinga on August 5 (local time), Hester Peirce, a U.S. Securities and Exchange Commission (SEC) commissioner who is soon to retire, predicted that the U.S. cryptocurrency market structure bill would be finalized. Peirce stated on the CoinDesk podcast, “I remain optimistic that the bill will be completed.”

The U.S. cryptocurrency market structure bill contains provisions for distinguishing supervisory agencies for each sector of the digital asset market. The key is to clarify the jurisdiction over the cryptocurrency spot market and reduce regulatory uncertainty for trading platforms that handle both securities and non-securities digital assets.

An explanation followed, stating that even if the bill's passage fails, the SEC can proceed with regulatory reform. SEC Chairman Paul Atkins has previously stated that he is prepared to continue rulemaking regardless of whether the bill passes. The SEC can establish a new regulatory framework and also specify criteria for applying existing securities laws to digital assets.

Peirce emphasized that congressional legislation is particularly needed for platforms that trade both securities and non-securities cryptocurrencies. This is because if both securities and non-securities cryptocurrencies are included in a single transaction, a jurisdictional issue remains as to whether the SEC can supervise the non-security asset portion.

Peirce, who is scheduled to move to academia, also urged the cryptocurrency industry to focus on practical product development rather than regulatory uncertainty. She said, “Build what people want and need.” She added, “The United States is a country that allows people to make their own decisions, try things, and sometimes fail, then get back up and try again.”

[Key takeaways from the article]

-Hester Peirce remained optimistic that the U.S. cryptocurrency market structure bill would be finalized.

-The bill focuses on clarifying supervisory agencies for the cryptocurrency spot market and mixed-asset trading platforms.

-Even if the bill fails, the SEC can continue rulemaking and refining criteria for applying existing securities laws.

*Disclaimer: This article is for investment reference only and does not take responsibility for investment losses based on it. The content should be interpreted for informational purposes only.*