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Commissioner Hester Peirce’s stance on stable currency and SEC regulations

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It is reported that Hester Peirce, the commissioner of the US SEC, said on social media that he received many questions about the stable currency and the SEC, …

Commissioner Hester Peirces stance on stable currency and SEC regulations

It is reported that Hester Peirce, the commissioner of the US SEC, said on social media that he received many questions about the stable currency and the SEC, which are of course facts and circumstances, but the SEC should follow the opinions of the Congress, which is actively considering this issue. At the same time, we and other regulators can hold open round tables. Compulsory measures are not the way of making rules.

US SEC Commissioner: Congress is actively considering the issue of stabilizing the currency

Interpretation of the news:


In a recent social media post, Hester Peirce, commissioner of the US Securities and Exchange Commission (SEC), acknowledged the many questions she receives about stable currency and the role of the SEC in regulating it. While asserting that stable currencies are indeed “facts and circumstances” of the industry, Peirce emphasized the need for the SEC to follow the opinions of Congress, which is actively considering the issue. According to Peirce, taking measures that are not in line with the opinions of the Congress run the risk of establishing rules without the necessary buy-in and cooperation from all relevant stakeholders.

Peirce’s stance is informed by her belief that regulating stable currency should be a collaborative effort between the SEC, Congress, and other regulatory bodies. Instead of imposing compulsory measures, Peirce advocates for open roundtables where stakeholders can discuss and propose regulations that take into account the unique features of this new asset class. Peirce’s approach seeks to strike a balance between promoting innovation and protecting investors while avoiding the stifling effect that excessive regulations can have on technological advancements.

Stable currency, also known as stablecoin, seeks to address the volatility that characterizes traditional cryptocurrencies like Bitcoin. It is a digital asset that is pegged to a stable asset, such as gold or the US dollar, to ensure that its value remains relatively stable. With the increasing popularity of stablecoins as a means of payment and investment, regulators like the SEC are taking a keen interest in the asset class. The SEC recently declared that some stablecoins may fall under securities laws, and it has initiated legal action against some stablecoin issuers and exchanges for allegedly violating securities laws.

Peirce’s statement signals that the SEC is taking a more nuanced approach to the regulation of stablecoins, one that prioritizes collaboration and dialogue over strict enforcement. While the SEC will undoubtedly play an important role in regulating stablecoins, Peirce’s position suggests that the agency sees itself as part of a broader regulatory ecosystem that includes Congress and other agencies.

In conclusion, Hester Peirce’s stance on stable currency is one that emphasizes collaboration, openness, and transparency in the regulatory process. Her approach recognizes the importance of innovation while ensuring that the needs of all stakeholders are taken into account. As the debate on how to regulate stablecoins continues to unfold, Peirce’s position will undoubtedly remain a critical touchpoint for industry participants, investors, and regulators.

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