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Hester Pierce: We need to soften our approach to cryptocurrencies

The US financial system needs greater decentralization. Regulation and Enforcement SEC in relation to digital assets requires mitigation, Commissioner Hester Pierce said during the ETH Denver conference.

“Centralization means that your risks are concentrated. Decentralization can bring resilience and strength to the financial system,” Pearce said.

The official expressed concern about the bill being discussed, which is aimed at giving institutional status to nodes, validators, non-custodial wallets, mining pools and software.

Pierce also commented on the agency’s position on expanding the dealer rule to the DeFi sector:

“The whole concept of decentralization is very different from what we are used to at the SEC. When someone on the team interacts with the code and not with the person or entity, it becomes a real problem for the Commission.”

According to her, the regulator’s task is to determine the scope of existing powers and help investors obtain information about securities to make their own decisions.

According to Pierce, the agency is currently in an “enforcement only” mode. There needs to be provisions to allow projects to grow and become decentralized without the threat of prosecution, she added.

“If we had clearer rules, you [аудитория] “We could focus on development,” Pierce admitted.

She previously called for the Ethereum spot ETF to be approved without going through a trial.

Source: Cryptocurrency

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