Hester Peirce Of The SEC Fears Regulation Could Stifle Innovation

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When it comes to US politicians, crypto seems to have made a lot of enemies. Earlier this week, Democratic Senator Elizabeth Warren warned against the growing importance of Bitcoin in view of the hacking of a US pipeline and beef factory.

Even former US President Donald Trump now has doubts on the validity of Bitcoin. Last Monday he explained on Fox that:

My opinion is the currency of this world should be the dollar. And I don’t think we should have all of the bitcoins of the world out there. I think they should regulate them very, very high.

Initial reaction

However, on the Republican side, it seems to have some friends as well.

Heading to @TheBitcoinConf. Working to ensure sound money exists for my grandson and yours (whether they are here today or still a twinkle in your eye). #Bitcoin pic.twitter.com/8i8khN4uAj

— Cynthia Lummis (@CynthiaMLummis) June 3, 2021

There is of course the well-known crypto enthusiast from Wyoming, Senator Cynthia Lummis, who’s been a HODLer for years and then there’s Hester Peirce, known in the cryptosphere as Crypto Mom.

Pierce is one of two Republicans among the five commissioners at the Securities and Exchange Commission reviewing cryptocurrencies, who claimed that she was worried about the push by several US regulators to play a more active role in the $1.5tn cryptocurrency market.

🧐MORE DRUMBEAT OUT OF D.C.👇
“I am concerned that the initial reaction of a regulator is always to say ‘I want to grab hold of this & make it like the markets I already regulate…I am not sure that’s going to be great for innovation.”-@HesterPeirce https://t.co/iMRFtY3O0L

— Caitlin Long 🔑 (@CaitlinLong_) June 9, 2021

I am concerned that the initial reaction of a regulator is always to say: I want to grab hold of this and make it like the markets I already regulate.

Peirce said in an interview with the Financial Times this week.

I am not sure that’s going to be great for innovation. I think regulation doesn’t all have to happen at government-level. You can have pretty effective self-regulation.

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