A top official of the Securities and Exchange Commission (SEC) has admitted that there is an urgent need for more regulatory clarity concerning cryptocurrencies especially as major companies like Tesla, BNY Mellon Corp and Mastercard embrace the industry. Hester Peirce, a commissioner with the SEC, made this statement during an interview with Reuters.
According to Peirce, “It’s not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look.” She went on to add that the investments being made by these institutions has put the agency in some sort of bond to quickly put some clarity into the industry. “That adds to the urgency of us taking some sort of action in this area to provide more clarity,” she added.
Peirce is widely regarded as “Crypto Mom” due to the level of huge support she gives to the crypto industry. She is widely recognized for calling on financial regulators in the country to create clear rules that would allow crypto assets to grow without any fear of breaking the law.
Analysts have also predicted that the entrance of companies like Tesla into the crypto industry would force the hands of the authorities to become more deliberate about their policies and regulations about the market.