Hester Peirce, Commissioner of the U.S. Securities and Exchange Commission (SEC), suggests that new crypto regulations may be imminent.
In an interview with Bloomberg, Peirce names three main aspects of the crypto space that she hopes to address soon.
“I hope that we can clarify some areas. One would be, I published a token safe harbor to provide clarity about token distribution events. I think we need to approve an Exchange Traded Product (ETP) based on Bitcoin, and frankly, we’ve also received new applications based on ETH. And then we have to create clarity about custody for regulated companies, that is, for broker-dealers and investment advisors. These are some of the areas in which we would like to be active. “
Peirce notes that SEC chairman Gary Gensler has already spoken loudly about having some oversight over the bitcoin spot markets and has called for more investor protection in crypto.
Commissioner Peirce also comments on the SEC’s ongoing lawsuit against Ripple alleging securities fraud related to the San Francisco-based payment company in connection with the distribution of its native token, XRP.
“Well, that’s a tough question, and I’ve tried again to be a little more specific. When we think of a crypto-asset, a digital asset as collateral, we are saying that we think it is being sold under an investment contract, which means that there are promises around the sale of the asset. This does not mean that the asset itself has to be a security. It means that it was sold as a security. Then the question arises, when can someone not sell this asset as a security, and that is a very difficult line … ”
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Featured image: Shutterstock / GrandeDuc