Esther Pearce: “we need to accelerate the development of clear regulation of cryptocurrencies”

According to SEC Commissioner Esther Pearce, since large companies like Tesla, BNY Mellon Corp and Mastercard are entering the cryptocurrency industry, it is necessary to start regulating it as soon as possible.

According to a Reuters publication, Hester Pierce, Commissioner of the US Securities and Exchange Commission (SEC), has called for the accelerated development of clear regulation of cryptocurrencies amid growing popularity among large traditional companies.

“It’s not just that there have been calls for clarity on cryptocurrency regulation for some time now, and that the new administration is providing an opportunity to look at this issue in a new way. Many companies in the market now have a different perspective on cryptocurrencies, ”Pearce said.

Last week, it was reported that Tesla has invested $ 1.5 billion in Bitcoin, which has led to a rapid rise in the price of the cryptocurrency. A few days later it became known that BNY Mellon bank will develop a platform for managing cryptoassets, and Mastercard will launch support for cryptocurrencies this year. Pearce said the actions of these companies should affect the speed of the regulators.

“This reinforces the need for greater clarity in cryptocurrency regulation,” Pearce said.

The Commissioner also noted that the SEC is looking into a “spectrum” of issues, including market volatility, the role of retail brokers, and how the post-trading market functions.

“We are glad to see new investors participating in the market. Of course we want them to be educated and skeptical, ”she said, adding that a wide range of market participants can improve pricing.