SEC Commissioner urges to reform crypto industry regulation

Last week, U.S. President-elect Donald Trump appointed Paul Atkins as chairman of the SEC; now, the commissioner has called for cryptocurrency reform.

Securities and Exchange Commission (SEC) Commissioner Hester Pierce has called on the next government to modernise the cryptocurrency industry, including removing the bottleneck of government rules.

She emphasised that the digital asset market confronts barriers to obtaining the services it requires. As a result, she asks the government to cease stifling the cryptocurrency business and begin to move forward.

The newly elected administration should also establish a clear framework for the commission to oversee this expanding business. Clarity of framework is necessary to establish a clear position for the regulator and the market.As a regulator, she stated that the government should collaborate with the industry to examine existing rules and propose any changes that are required.

SEC under Atkins’s leadership

Pierce noted in the same interview that the newly appointed chairman for next year, Paul Atkins, “is very good at thinking about how to use the government efficiently and effectively to solve problems”.

She was also not surprised by Gary Gensler’s decision to resign owing to a change in government leadership. Pierce has yet to respond to Ripple’s case, but this lengthy judicial procedure, which began in 2020, is the most expensive and ineffective way to regulate.

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