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At the DC Blockchain Summit in Washington, D.C., SEC Commissioner Hester Pierce expressed hope that after the collapse of the algorithmic stablecoin TerraUSD (UST) and its subsidiary Terra (LUNA), any upcoming regulation will not hinder the development of the crypto sector.
It is likely that the regulation will take place faster due to the events of recent weeks. True, the bills on stablecoins were already under consideration, so it is quite possible that the case will go faster.
“I think we have to do this to preserve the ability of people to experiment with different models and do it in a way that fits within the regulatory framework,” Pierce said.
The cryptomom-called SEC commissioner hopes Congress will develop guidelines for both the SEC and the Commodity Futures Trading Commission (CFTC).
We have a lot of work to do even within our existing authorities because traditional financial institutions want to participate in the crypto sector and need our guidance. To do this, they need normative clarity from us.
Pierce noted that she would like to see a balance between innovation and regulation, in which both sides meet and communicate in good faith. According to her, before that, the government’s efforts in this regard were insufficient.
We talk a lot about responsible innovation, but I think we also have to talk about responsible regulation, which means that as regulators, we have to be willing to engage with innovators…
This will require work on our part, and we must be prepared to do it, which I have not yet seen. Hopefully, in the next phase, we will sit down and think realistically about the potential of this technology, the challenges and opportunities in terms of regulation, as well as in terms of innovation.
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