Hester Pierce, the crypto-friendly commissioner of the Securities and Exchange Commission (SEC) referred to as ‘Crypto Mom’ by some in the community, has said that digital assets could be “the money of the internet” in a talk at the Digital Asset Compliance and Market Integrity (DACOM) Summit in New York yesterday. Pierce also repeated her warning in May that “heel-dragging” by the SEC could stifle innovation in the blockchain and crypto space.
The Ball is in Congress’ Court
Pierce’s reputation as being pro-crypto is well known within the community, and she further endeared herself to those in the room by stating at the outset that it was “an honor” to be among a group of people who were “trying to think about ways to change the world.” In a cloaked reference to the fact that the race for adoption is still in its infancy and the existing projects aren’t quite up to the task however, she added that the internet could be the natural home for digital assets “as technology changes”, before discussing the role of the SEC in adoption, saying that, “Frankly, sometimes the SEC needs a push from Congress.” Given that Congress is, mainly thanks to Facebook’s Libra project, so down on cryptocurrencies right now as to be almost on the floor, the likelihood of this push coming soon is slim to zero.
Stalemate at the House Financial Services committee
Pierce was one of a number of commissioners from the SEC who testified before the House Financial Services Committee on Tuesday on the subject of crypto regulation, among them Brad Sherman, who made a name for himself among the crypto community for his outdated and factually inaccurate viewpoints on crypto back in May. Opposing his views that crypto was only good for “tax evaders, sanctions evaders, drug dealers, and terrorists” were those of Warran Davidson, a politician who is one half of the duo that have put forward the Token Taxonomy Act which aims to formally clarify the nature digital currencies in order to form better legislation around them. The discussion ended in something of a stalemate, with the only consensus being that action needs to be taken sooner rather than later…something that simply doesn’t look likely.