PANews reported on March 31 that according to Bitcoin.com, Hester Peirce, a member of the U.S. Securities and Exchange Commission (SEC), called on Congress to simplify cryptocurrency regulation and reduce regulatory confusion at the 8th Blockchain Summit of the Chamber of Digital Commerce in Washington, DC on March 26. Peirce pointed out that multiple regulatory overlaps, including the SEC, the Commodity Futures Trading Commission (CFTC), the Financial Crimes Enforcement Network (FinCEN) and state regulators, are bringing high efficiency costs to market participants and regulators. She warned: "The problem of regulatory overlap may worsen because crypto assets can represent any form of asset, from cash to financial instruments such as securities or futures contracts to precious artworks."
To this end, Peirce made seven clear recommendations to legislators: 1. Oppose the establishment of new regulatory agencies and recommend that Congress authorize existing regulatory agencies 2. Limit the scope of application of new regulations to platforms in the United States or for U.S. users 3. Implement federal priority in interstate commerce to ease conflicts with state laws 4. Congress designates specific federal agencies to regulate specific crypto asset categories 5. Clarify that the law allows the SEC or CFTC to regulate platforms trading various types of crypto assets (including non-securities assets) 6. Apply traditional financial market regulatory principles to the crypto field and recommend that trading venues operate in accordance with alternative trading systems 7. Protect Americans' right to peer-to-peer financial interactions and prevent centralized overreach. Peirce also emphasized that the revised framework must maintain regulatory effectiveness: "Regulators should retain the right to supervise and review trading platforms and take enforcement actions for violations of customer protection rules, insider trading, and disclosure violations."
