Crypto Mom Admits the U.S. SEC is ‘Impulsive in Running Away’ from Bitcoin
, the commissioner of the Securities and Exchange Commission, has confessed that the regulator turns a blind eye toward companies and developments in the cryptocurrency sector. | Source: YouTube
In a recent speech at the University of Missouri School of Law, U.S. Commissioner Hester Peirce (‘Crypto Mom’) admitted the SEC has a tendency to flee from anything to do with digital currencies.
We rightfully fault investors for jumping blindly at anything labeled crypto, but at times we seem to be equally impulsive in running away from anything labeled crypto.
Regulation Should Not Strangle Innovation
Peirce went on to suggest that the SEC should not rush into enforcing regulations. And that they owe it to investors to carry out their own due diligence when it comes to emerging fields.
We owe it to investors to be careful, but we also owe it to them not to define their investment universe with our preferences.
The day before her speech, she reinforced her position on Twitter:
I look forward to working with you @SECJackson to open the doors to innovation, but we’re not a merit regulator issuing seals of approval, so let’s encourage investors to do their own work to decide whether an investment is right for them: https://t.co/iMA7NUkLRp
— Hester Peirce (@HesterPeirce) February 7, 2019
Regulation has been slow in coming, particularly in the U.S. Many countries and regulators are still grappling to understand what it is they are regulating. But Peirce is of the opinion that may actually be a good thing. She stated:
Entrepreneurship and innovation do not have the happiest of relationships with regulation.