„Crypto Mom“ Hester Peirce: Institutional acceptance underscores need for clear crypto regulation
Regulatory clarity is needed now more than ever in the crypto industry, according to SEC Commissioner Hester Peirce.
As institutions gradually enter the cryptocurrency space, there is a critical need for clear rules regarding digital assets, according to SEC Commissioner Hester Peirce.
Peirce believes clear cryptocurrency rules are needed now more than ever as Financial Peak companies such as Tesla and Mastercard actively embrace the alternative asset class.
Peirce spoke to Reuters on Saturday about the impact of institutional crypto adoption. There have been some big events in the crypto space over the past few weeks. After Elon Musk’s company Tesla hinted at them accepting payments in bitcoin (BTC), other companies including the oldest US bank BNY Mellon and payments giant Mastercard also announced plans to launch crypto services.
„With that, it is imperative that we take action in this area to bring more clarity,“ she said. Peirce, who is known as „Crypto Mom“ in the crypto community, has consistently called for clear crypto rules. She has called on the SEC to provide more clarity so that the crypto industry can thrive without fear of breaking the law.
Peirce noted that the new administration, combined with crypto interest from institutional investors, could offer a new perspective on crypto regulation:
„It’s not just that there have been calls for clarity for some time and that a new government provides an opportunity to change the perspective, but it’s also a moment when arguably others in the market are changing their perspective.“
Peirce also commented on the GameStop controversy, saying it was too early for regulators to draw conclusions from this stock surge by a meme that could lead to new policies.
However, she said she supports the new generation of traders participating in the market
As previously reported, US regulators are investigating popular trading app Robinhood for suspending GameStop trading after Reddit group r/WallStreetBets triggered a so-called short squeeze that drove the share price above US$370.
Robinhood CEO Vlad Tenev and Citadel CEO Ken Griffin, among others involved, are scheduled to testify before Congress on Thursday.