According to Pierce, all the activity in the cryptocurrency markets lately has undoubtedly lifted the regulatory spirit in Washington. This must push the authorities to take strong measures to regulate cryptocurrencies.
According to Pierce, governments hesitate!
To explain the authorities’ reluctance to deal (seriously) with the cryptocurrency market, Ms Peirce said that is ” it is difficult to understand how they fit into our current regulatory framework and whether changes need to be made. “
He added that while many are starting to accept that cryptocurrency is here to stay, some forces within the US government don’t like the idea of it thriving. And he adds: ” I think there has also been some desire in Washington to see cryptocurrency disappear and I think people are realizing that this is unlikely to happen, so maybe this will help people think about where regulations are appropriate.. “
The official said in his recent interview with Bloomberg that there is a big advantage in allowing people to choose between different business models and there are people in Washington who would like people not to touch cryptocurrencies, but that makes me seem like a bit paradoxical.
Furthermore, he stressed that he believes that citizens should be allowed to enter into transactions when both parties are willing to engage in such a transaction and that there must be a compelling reason for a regulator intervene in the midst of the protection of savers.
Peirce is one of the strongest supporters of cryptocurrencies at the SEC. He even questioned his own organisation’s procedures for approving exchange-traded funds (ETFs), urging it to stop banning these new tools entirely.
Be vigilant and consult your financial advisor before making any investment decisions. Mirror-Mag cannot be held responsible in case of bad investments. Before using any third party service, you should do your research.