SEC’s Hester Peirce promises regulatory clarity; says SEC doesn’t want crypto-businesses like Circle moving offshore

  • 09 August 2019, Friday, 07:50

Regulatory developments across the world are forcing crypto-businesses to find homes in lenient geographies. Hester Peirce, Commissioner at the U.S. Securities and Exchange Commission, featured in an interview to clear some of the fog left in the wake of the lack of clarity in U.S. regulations, regarding the crypto ecosystem. Peirce stated,

“One of the benefits of this kind of technology is that it connects people from all across the world. We certainly don’t want people to feel they have to go offshore to put one of those (crypto) projects in place.”

She suggested that an increase in “regulatory certainty” would not only help companies maintain their home base within U.S. territories, but also “draw people back to the U.S.” Her statement came in light of the Jeremy Allaire-led Circle moving a majority of its operations to Bermuda, citing regulatory uncertainty in the United States.

Additionally, Peirce advised crypto-businesses to “go into the SEC and tell them about their business plan,” and in turn, receive guidance from the SEC to give impetus to their business goals. While displaying a welcoming attitude towards crypto-adoption, the Commissioner also warned crypto-businesses that intend to undertake fraud or unregistered offerings. She added,

“We need to be proactive in providing clear rules and guidance so that people know what to comply with. And then, we can hold them accountable for not complying with it.”

While admitting the government’s delay in establishing clear crypto-regulations, Peirce added that the SEC is currently working on building a “level playing field” which will ensure that regulations don’t pose as barriers to any form of crypto-industry. Hester Peirce concluded the interview by welcoming further participation from the crypto-community. She said,

“I encourage people to come talk to us. If you think we don’t understand something or have gotten something wrong, come talk to us.”