According to Hester Pierce, commissioner of the US Securities and Exchange Commission (SEC), the Congress should accelerate the development of a regulatory framework for the cryptocurrency industry.
She has explained:
"Some of the failures we’ve seen have nothing to do with any particular crypto asset. The beauty of markets is people can express their own views. If one person doesn’t like bitcoin that person doesn’t have to buy it."
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She has stressed the need for independent analysis of the risks and benefits of assets. According to her, people should be free to make investment decisions.
Pierce has said:
"The SEC’s role is not to come in and say ‘this is good or this is bad;’ it’s not the rule of government to do that. There are many questions Congress could provide clarity on. You see the regulators running around trying to get turf in this space, but it would be better if Congress said ‘this is the framework we want.'"
She asked the Commission in 2021 to work with crypto companies to create a "reasonable framework" for oversight of the sector.