Leading U.S. Regulator Exposes Disunity In U.S. Crypto Strategy, Warns Of Innovation-Stifling Rules

SourceForbes
SectorEconomy
CountryMiddle east

Share to Linkedin A Trump-appointed financial regulator said she opposes efforts by her colleagues to impose stricter rules on cryptocurrencies and retail stock trading platforms for fear of stifling innovation, highlighting disunity among leaders of America’s top financial watchdogs as they decide if, and how, to manage the volatile crypto market as it continues to move into the mainstream. Hester Peirce, one of five commissioners at the Securities and Exchange Commission, told the Financial Times she did not believe the gut instinct to regulate crypto markets in the same way as existing assets will be “great for innovation.” Peirce said “pretty effective self-regulation” is possible for the type of peer-to-peer transactions characterizing cryptocurrencies and could stand in for government regulation. Peirce’s comments highlight disagreement among and within America’s leading financial regulators over how best to manage crypto assets, and conflicts with calls for more thorough regulation from the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corporation...read more...