27 September, 2019
Commissioner of the US Securities and Exchange Commission (SEC) Hester Peirce believes that cryptocurrencies have an important function of accumulation and are a "transaction mechanism." She spoke at the New York DACOM Cryptocurrency Legal Compliance Summit.
"Store of value, I think, is a really important function. I do think that we’ll see as technology changes, that they become much more the money of the internet," stated Peirce.
According to her, the state becomes less competitive when it is slow to develop the necessary legal framework.
"When I came to the SEC one of my hopes was to help change the way it addresses innovation. In my first round I saw it was slow," added commissioner.
In her message, Hester Peirce also noted that the US officials might consider ways for administration of law while dealing with cryptocurrencies. It was mentioned that both scammers and token campaign organizers who failed to register are subject to regulators' review. In addition, Peirce believes that US Securities and Exchange Commission very often act too "paternalistic", and requires a push from the US Congress.