Real decentralized projects are a challenge for cryptor regulation - regulation
Real decentralized projects are a challenge for cryptor regulation - regulation
A commissioner of the US Securities and Exchange Commission (SEC) says that real decentralized projects are a challenge for cryptor regulation. The commissioner found that "decentralized finances naturally have a certain ability to regulate self -regulation," said the Commissioner, "that we have to take this into account when designing a regulatory system."
SEC commissioner Peirce discusses crypto regulation and decentralized finances
Sec-Commissioner Hester Peirce spoke in an interview with Yahoo Finance, which was published last week, about regulating cryptocurrencies. Peirce is also known for her knowledge and support of the crypto room in the crypto community as a "crypto mom".
She was asked whether the SEC has difficulties with developments in the crypto area and the protocols that progress and change very quickly every day.
"There are certainly difficulties on the part of a regulatory authority to keep an overview of developments in the definition [Decentralized Finance] and crypto in general," Peirce admitted. However, she found:
People should not assume that the SEC can only concentrate on one thing. The Sec has many resources and can do many things at the same time.
"Be aware of this and you have to think about whether the securities laws apply to your activity and, if necessary, advised with lawyers," she recommended.
The Commissioner added: "The decentralized world is very new to us because we are used to dealing with large, mostly large, centralized intermediaries. So real decentralized projects are a challenge." Peirce warned:
I think what I want to warn people is that sometimes something claims to be decentralized and it is not, and there is actually a centralized unit, and I think the regulatory authorities will surely take care of this centralized unit.
Sec chairman Gary Gensler also said that many platforms that claimed to be decentralized were actually centralized. He said in September that in September Many platforms "are only decentralized" on the grounds that "there is a usage agreement". In addition, he said that many tokens that are noted on cryptocurrency exchanges are actually securities, and told the congress that they needed him More regulation .
Peirce continued:
decentralized finance naturally has a certain ability to regulate self -regulation. And I think we have to take this into account when designing a regulatory system.
In terms of regulation of cryptocurrencies, the Commissioner said: "It worries me that I have been asking for regulatory clarity for three years and that we apparently do not offer any."
she added: "I think this will really be a huge obstacle that this industry can develop in a safe way, but also in a way that enables innovations. And it is really a shame for me that we as regulators not only take on the role of the regulatory authority."
What do you think of the comments from Sec-Commissioner Hester Peirce? Let us know in the comment area below.
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