Amid rising adoption from institutions, ‘crypto mom’ Hester Peirce has called for a clear regulatory framework for cryptocurrencies.
The Republican commissioner who has earned her title as ‘crypto mom’ for her pro-crypto stance as an asset class told Reuters on Saturday that there was an urgent need for regulators to provide clarity in the crypto space. Peirce said:
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. That adds to the urgency of us taking some sort of action in this area to provide more clarity.
Peirce in her comments referenced the GameStop saga, where a band of retail investors on Reddit came together to pump the prices of GameStop and other stocks to the detriment of hedge funds that had bet against the shares. According to the commissioner, it is too soon to draw any policy conclusions from the incident. On the flip side, she expressed her excitement that a new class of investors can participate in the stock market.
In the absence of clear-cut regulations, individual cities in the U.S. are trying to outperform themselves in the crypto race. Miami recently passed a resolution allowing city employees to receive their salaries in Bitcoin.