Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC), says there is an urgent need for clear cryptocurrency regulations as major companies like Tesla, BNY Mellon, and Mastercard start to venture into Bitcoin (BTC) and other digital assets.
Peirce, one of the most prominent crypto advocates in US regulatory agencies, has long been calling for regulators to come up with clear rules that will allow individuals and businesses to invest in crypto assets without fearing they will break the law.
She has earned the moniker “Crypto Mom” after she publicly dissented on SEC’s decision to reject an application for a bitcoin exchange-traded fund filed by Gemini founders Tyler and Cameron Winklevoss.
Call for clear crypto regulations
In a new interview with Reuters, she again reiterates the need for clear rules and regulations for the crypto space amid news of large firms adding cryptocurrencies to their balance sheets.
“It’s not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look,” Peirce said. “That adds to the urgency of us taking some sort of action in this area to provide more clarity.”
Tesla recently revealed in an SEC filing that it bought $1.5 billion in Bitcoin and plans to accept the flagship cryptocurrency as means of payment for its products.
BNY Mellon, America’s oldest bank, also announced that it will start financing BTC and other digital assets. Mastercard also said it will allow its network to support some cryptocurrencies.
“Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want,” said Raj Dhamodharan, an executive vice president at Mastercard.
Bitcoin sustains bullish run
Bitcoin sustains its bullish run as big companies leap into digital assets, enticing individual investors and businesses to explore the crypto space.
On February 12, 2021, the king coin soared past the $49,000 mark. At the time of writing, the leading cryptocurrency is worth $48,977.97, according to data provided by Coinmarketcap.com.