MICA Statement from SEC Member: ‘Can Be a Model for the USA!’

An interesting exit from the SEC member came as the cryptocurrency regulation in the US remained unclear.

at the U.S. Securities and Exchange Commission (SEC) According to Hester Peirce, a commissioner, the European Union’s flagship Crypto Asset Markets (MiCA) regulation could serve as a model for crypto rules in the United States.

SEC’s Peirce Says MiCA Could Create a Model for US Crypto Regulation

Speaking at a panel at the Financial Times Crypto and Digital Assets Summit held in London, Pierce said, “MiCA can be a model for us,” adding that inspiration can also be drawn from the UK’s regulatory approach.

“I share with you the approach of saying to people, ‘Look, there are risks here, you can choose to participate or not take those risks.

Then I try to find a regulatory model that enables innovation,” said Peirce, a Republican commissioner who regularly opposes the approach of SEC Chairman Gary Gensler.

The EU formally adopted the MiCA last month, expressing hope that the rules will become a “global standard setter” and a center of attraction for digital asset businesses.

The regulation focuses on the central points of the crypto industry and provides clarity on the scope and definitions of crypto regulation. A company licensed in an EU member state will be granted access to the entire EU market.

European rules have received praise from leaders in the crypto industry, including Binance CEO Changpeng Zhao and Coinbase CEO Brian Armstrong.

“If we build a good regulatory regime, people will come,” Peirce said at the beginning of the panel. “We are shooting ourselves in the foot by not having a good regulatory regime in the US.”

That said, he is not too optimistic that the regulatory system in the US will become clear anytime soon.

*Not investment advice.