Hester Peirce, the Commissioner of the USA Securities and Exchange Commission, made a controversial remark at the recently-held Market Integrity and Digital Asset Compliance conference in New York.
In the DACOM Summit hosted by Hogan Lovells & Solidus Labs, Pierce led a Q&A discussion which heavily focused on the status and future of cryptocurrencies’ regulations. At the heat of the session, Commissioner Peirce lashed out to regulators and described them as “excessively paternalistic.”
Peirce’s benevolent stance towards cryptocurrencies had earned her the nickname “crypto mom.” Once more, she had proven why she is worthy of this moniker at the summit. She started her speech by extending her gratitude to the people who think the same as she, those who are open to exploring new and exciting ways which could benefit the world.
A strong fondness towards virtual currencies
Commissioner Peirce had predicted early on that as technology evolves, people across the globe would witness more of what cryptocurrencies can do and provide. She is optimistic that many potentials and significant opportunities are just waiting to be unlocked.
The crypto mom also took advantage of the opportunity to voice out her frustrations and disappointments concerning the Commission’s current stance on crypto regulations. She bluntly admitted that the agency needs some strong encouragement from the US Congress. As the commissioner explained, the government must be less paternalistic if they really desire to move forward with innovation. Peirce stressed that an agency couldn’t try something and then goes back to the government crying because it failed. In the long run, such kind of protection would be proven as a weakness, the commissioner claims.
Last September 26, Peirce, along with other commissioners from the US SEC, were summoned by the Congress to testify before the Financial Services Committee. As expected, the crypto mom reiterated the same argument towards regulatory overreach. She also mentioned that regulators must think of “regulatory humility”, a kind of philosophy that would make them pause and ask if what they are doing is right.