SEC Commissioner Esther Pearce convinced her colleagues to reconsider their attitude towards the cryptocurrency industry. The Commission now plans to release an NFT with portraits of its commissioners.
After Gary Gensler took over as the new chairman of the US Securities and Exchange Commission, the regulator began to look at the cryptocurrency industry in a new way. This was announced by SEC Commissioner Esther Pierce. In the cryptocurrency community, she is called a “cryptomam” because she stands for loyalty to cryptoassets. Now, thanks to the joint efforts of Gensler and Pearce, the SEC has rethought its stance on digital assets.
The agency said that it no longer sees the point in conducting the Howie test, which makes it possible to determine whether cryptocurrencies are securities, since “at the exit” the results are the same – all cryptocurrencies fall into the category of securities. The regulator concluded that inaccuracies in the Howie test only lead to numerous litigations with cryptocurrency firms, while the department could deal with more important issues. Therefore, the SEC decided to withdraw the lawsuit against Ripple for the unregistered sale of XRP, and no longer interfere with the ICO. Moreover, the department intends to create conditions for the development of digital assets in the United States.
Of particular interest to the regulator are non-fungible tokens (NFT), as they are riveted by the attention of many celebrities, artists and music performers. This widespread interest in the NFT has piqued the curiosity of the Commission and is going to investigate the topic in detail. A dedicated working group will be set up within the Commission to begin a deep dive into the NFT industry.
To demonstrate the convergence with the cryptocurrency community, the SEC will release a series of NFT tokens in the form of unique cards, which will depict current and past SEC commissioners who participated in creating regulation of cryptocurrencies and tokens. The cards are planned to be put up for auction, and their future owners will have the opportunity to meet with SEC officials and directly discuss further regulation of the cryptocurrency industry.
The news is part of the Right Crypto News Initiative, which aims to provide a comprehensive community alert in preparation for the final April Fool’s Day.
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