A prominent cryptocurrency lawyer with the United States Securities and Exchange Commission He spoke about the end of his tenure in June and the relationship between a potential digital dollar and an independent cryptocurrency.
A digital dollar and other stable currencies
In a webcast on April 28th with the Crypto St. Moritz Finance Conference, Commissioner Hester Peirce, sometimes known as CryptoMom (crypto mother), He discussed the increasingly visible role of a potential digital dollar, but doubted that this would pose a particular threat to the digital currency.
“It is natural that they will think,” Hey, if we digitize our currency, and if so, it is good or bad for our ability to play our role as a central bank, “said Peirce. “I don’t think other types of digital currencies that are privately developed will go away.”
However, trust and data protection issues are at stake with the central bank’s digital currencies:
“You have to think about data protection issues when you create some kind of digital currency. I think this is a really important question for a society because people are not really familiar with the government or with other people who oversee their transactions.”
Peirce is ready to leave her post in June
In response to a question about the end of his term, scheduled for June, Peirce suggested that this might not be the end. “You can stay until someone else is put in your seat”he said.
Peirce is the most visible ally of the crypto industry within the SEC, so her next game is a lot of worry. When asked that the community would lose its CryptoMom, Peirce joked: “I think it should be a full commission full of crypto parents, not just a crypto mother.” She continued to emphasize the role of level and clear regulation as more important than any other figure.
“It’s about setting clear rules and then saying, ‘Now you’re doing your thing,'” said Peirce. “It is really important to build structures that go beyond everyone.”
The strange case of stable coins
Regarding stable coins, Peirce said they pose an interesting challenge for regulators:
“There is a large part of the market interest. [Stablecoins] They also raise some interesting legal questions. Not only do we have to think about whether they are securities, but at least in the United States we have to think about how they interact with other parts of our securities laws. “
The question of whether stable managed currencies are securities was answered with the announcement of the Libra.
Planned safe haven for coin offers
An important recent political initiative by Peirce is the proposed three-year safe haven for initial coin offerings, which will protect them from being listed as securities if they meet certain reporting requirements that do not correspond to the full securities register.