Commissioner of the U.S. Securities and Exchange Commission (SEC) Hester Peircethinks that stablecoin regulation will gain momentum after the loss of billions of dollars after the collapse at the beginning of this month.
Speaking in a CNBC interview at the ‘DC Blockchain Summit’ in Washington DC, Peirce said: TerraUSD (UST) He stated that after the collapse of his algorithmic stablecoin and its associated LUNA altcoin, he wanted a possible regulation not to have too much negative impact.
“I think regulation is likely to happen faster due to events in the last weeks. However, stablecoin’s legislation was already on the agenda and it seems possible to process this legislation faster.
What we need to make sure of, though, is to preserve people’s ability to experiment with different models, and to do so in a regulatory manner.”
Peirce also did not leave unanswered the question of what role the government should play in crypto regulation. The commission expressed hope that Congress would set guidelines for both the SEC and the Commodity Futures Trading Commission (CFTC).
“…One could argue that the SEC would be a good regulator for retail exchanges, but it’s still really up to Congress to make that call.
But even our current officials still have a lot of work to do, as traditional financial institutions want to get involved in cryptoassets and they need our guidance. To do that, they need regulatory clarity from us.”
Peirce also stated that the government’s communication and intentions to meet in good faith with both parties were insufficient.
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