SEC Commissioner Hester Pierce, often called ‘crypto mom,’ is in Singapore, one of the hubs in Asia for digital assets. She spoke at a forum held at Singapore University.
SEC Commissioner Hester Pierce had much to say about the cross-border regulatory situation regarding crypto0assets. Tokenized securities were hot on the agenda.
First of all, Pierce knows that many cryptocurrency innovators have left the United States for hubs like Singapore. The country has made great strides in making itself a magnet for blockchain-related investment. However, Pierce says that this is all the more reason to enforce proper cross-border collaboration.
As Pierce explains:
“Regulators’ concerns today about the cross-border regulation of digital assets in many ways mirror concerns they have more generally in regulating cross-border market activity. These concerns include the fear that we will not be able to examine foreign entities registered to operate in our markets and, more generally, that our ability to enforce domestic rules will be stymied by our inability to regulate outside our borders.”
Moreover, she is concerned that the U.S. could fall behind other countries in attracting crypto-related investments. Her comments demonstrate that the SEC is well-aware of this issue.
“I often have expressed my concern that the U.S. will fall behind other countries in attracting crypto-related businesses unless we are more forward-leaning in establishing a regulatory regime with discernible parameters. The U.S. SEC can look to our counterparts overseas for ideas in untangling some of our most difficult legal and policy questions in this area. Other countries, the citizens of which are already actively trading and using cryptocurrencies, are confronting the same questions we are as they create their own regulatory regimes. The resulting regulatory competition will allow us to see what works well and what does not work at all. My fondness for competitive markets extends to regulatory markets.”
Pierce’s comments are encouraging, but it remains to be seen whether the SEC will take concrete steps to make things right. Hopefully, the SEC will follow Pierce’s footsteps and encourage blockchain talent back to the United by making the regulatory situation more accommodating.
Do you believe the United States can still transform itself into the leading hub for blockchain talent? Let us know your thoughts in the comments down below.
Image courtesy of the Wall Street Journal.