Securities and Exchange Commission (SEC) Commissioner Esther Pierce outlined her vision of the strategy for regulating the crypto industry after Donald Trump took office as US President.
In a recent interview with Fox Business, Hester Peirce mentioned Operation Chokepoint 2.0, in which US authorities are trying to limit the access of crypto companies and traders to financial services. Pierce believes it is necessary to remove restrictions on banking services for individuals working with digital assets.
Another recommendation is that the SEC clearly define the scope of its authority. This will help eliminate uncertainty about which digital assets fall under the agency’s jurisdiction.
It’s important to be clear about which assets are not considered securities, Pierce said. To do this, the regulator must begin working with industry companies to help determine how existing laws may apply to the crypto industry and where amendments need to be made. This process should be open so that all interested parties can participate in the discussion.
In June, the American crypto exchange Coinbase accused the SEC and the Federal Deposit Insurance Corporation (FDIC) of trying to limit the crypto industry’s access to the banking sector. Despite the absence of official prohibitions, federal regulators have previously repeatedly warned banks about the risks of working with crypto companies.
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Source: Cryptocurrency
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