SEC Commissioner Calls on Congress to Urgently Implement 7 Cryptocurrency Reforms

Securities Exchange Commission (SEC) Commissioner Hester Peirce called on Congress to simplify cryptocurrency regulation and reduce regulatory confusion at the 8th Blockchain Summit of the Digital Chamber of Commerce in Washington, D.C., on March 26.
Peirce made seven clear recommendations to lawmakers: 1. Oppose the creation of new regulatory agencies and recommend that Congress authorize existing regulatory agencies;
2. Limit the application of the new regulations to platforms located in the United States or targeted at U.S. users.
3. Implement federal priorities in interstate commerce to mitigate conflicts with state laws.
4. Congress designates specific federal agencies to regulate specific crypto asset classes.
5. Make it clear that the law allows the SEC or CFTC to regulate the trading of various types of cryptoassets (including non-securities assets).
6. Apply traditional financial marekt supervision principles to the crypto field, and suggest that trading venues operate with reference to alternative trading systems;
7. Guarantee Americans' right to peer-to-peer financial interaction and prevent centralized overreach.
Mr. Peirce also stressed the need for the revised framework to remain effective: "Regulators should retain oversight and scrutiny of trading platforms and take enforcement action for violations of customer protection rules, insider trading and disclosure violations."