“CryptoMother” Against National Control over the Development of Blockchain “CryptoMother” Against National Control over the Development of Blockchain

The SEC Commissioner Hester Peirce said in response to the appeal of the head of the Chamber of Digital Commerce of the US that she does not consider it necessary for the government to participate in the general regulation of the cryptocurrency industry.

As a reminder, at the opening of the Blockchain Summit 2019, Perianne Boring advised proceeding with the development of a national strategy for the development of crypto technologies. According to her, the government should make blockchain technology a priority and eliminate regulatory confusion.

The next day, in a private conversation with Hester Pierce, Perianne Boring also voiced her opinion. SEC Commissioner endorsed the opinion, adding that the initiative in this area should come from the private sector but not from the federal government.

She said that in the past, coordination at the national level has caused many problems. Therefore, it is worth limiting state intervention, while the private sector should take on the solution of the main tasks such as:

  • Indicating the obvious disadvantages;

  • Reporting which fields legislation, adopted previously, does not fit properly.

Then the country will have the opportunity to create leadership, rather than dogma, for successful development.

ATBCoin Team’s Opinion

Representatives of the crypto-industry aren’t easy to talk with. To date, SEC’s attempts to push the Fintech sector to dialogue have failed miserably. Since its existence, the SEC FinHub division has received only 5-6 letters from the teams working on startups which incredibly disappointed Hester Pierce. According to her, it is necessary that representatives of the industry be more active and make offers, even if it takes time and needs action.