Pro-crypto US SEC Commissioner Hester Pierce is urging cryptocurrency companies not to give up in their push for regulatory clarity amidst the ongoing scrutiny from the US Securities and Exchange Commission (SEC). Despite the tense relationship between the SEC and the crypto industry, Pierce believes that there needs to be collaboration and open discussions with the commission to find the right approach to regulating the industry. She suggests that this could lead to a change of heart from the Commission.
Pierce emphasizes the importance of regulatory clarity in the digital asset space and points out that the SEC is far behind other countries like Switzerland and Singapore in providing clear regulations for digital asset firms. She rejects the notion that the SEC lacks knowledge about crypto, stating that there are experts within the agency. The SEC has faced criticism for cracking down on the industry without a comprehensive regulatory framework in place.
The regulatory uncertainty in the US is seen as a deterrent for entrepreneurs in the crypto space, with many choosing to launch projects or move their operations abroad. The lack of clarity has prompted companies like Bittrex to wind down their US operations. Solana’s co-founder, Anatoly Yakovenko, has also called on the US Congress to swiftly develop laws to regulate the industry and protect American technological leadership.
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