The SEC Commissioner and head of the Crypto Task Force Hester Peirce, said the financial companies had navigted to crypto in a way that was like playing a children's game that “the floor was lava,” but in the darkness.
“It's time we find a way to end this game. We need to -on the lights and build some lanes in the lava pit,” Peirce Says In the SEC “Learn your Custodian” Roundtable Event on April 25th.
Lava is crypto, Peirce says
Peirce explained that SEC registers are forced to approach crypto -related activities such as “the floor is lava,” where the goal is to jump from a piece of furniture next time not touching the ground, except, to hold the crypto directly the lava.
“One version of the DC of this game is our regulation approach to crypto assets, and specifically the crypto asset care,” he said.
Peirce said that, as in the game, companies who want to engage in crypto should be avoided directly to handle it due to unclear regulatory policies. “To engage in crypto-related activities, sec-registry needs to hop from a bad regulatory space to the next, while ensuring that they do not touch any crypto property,” Peirce said.
Peirce said investment advisers are often unsure of which crypto assets qualify as security, what is the number of creatures as qualified carers, and whether “exercise voting rights or voting rights” may undergo care violations.
“The twist in the regulation version plays it more in the dark: burning legal lava and there are no lamps to illuminate the road.”
Peirce also said that a broker or ATS who could not be careful or manage crypto assets would struggle to facilitate trading, which is not likely for a “stable market” to develop.
Echoing a similar emotion, SEC Commissioner Mark Uyeda Says In the event that as more SEC registers cooperate with crypto assets, it is important that they have access to custodial options that meet legal and regulation requirements.
Said Uyeda The agency should consider letting go Counselors use “state-chartered limited goal trust companies” with the authority to hold crypto assets as qualified guardians.
Related: Blockchain requires regulation, scalability to close AI hiring gap
Meanwhile.
He said that among his goals in the SEC was to facilitate the “clear road regulations” for digital possession, indicating that the agency under former chairman Gary Gensler contributed to market uncertainty and regulation.
“I hope to engage with market participants and work with colleagues in President Trump's administration and Congress to establish a reasonable fit-for-purpose framework for crypto assets,” Atkins said.
Magazine: Bitcoin $ 100k Hopes on Ice, mysterious Prison Move of SBF: Hodler's Digest, April 19 – 25
