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SEC commissioner Hester Peirce discusses the need for regulation in the cryptocurrency space as the Celsius exchange faces ponzi allegations on ‘The Claman Countdown.’
SEC commissioner Hester Peirce called for lawmakers to hasten their efforts and develop a regulatory framework for cryptocurrency, telling "The Claman Countdown" on Tuesday that, instead of Washington trying to "get turf" in the space, it would be better if rules were established.
HESTER PEIRCE: Some of the failures we’ve seen have nothing to do with any particular crypto asset. The beauty of markets is people can express their own views. If one person doesn’t like bitcoin that person doesn’t have to buy it. If another person does that person can buy it. As with anything people need to do their own homework, they need to think about why they are buying something, look at what they see as the value in it, and make a determination based on that. It’s not for me to say you should buy this, or you shouldn’t, you have to do your homework.
WHITE HOUSE SAYS MORE CRYPTO REGULATION NEEDED TO AVOID 'HARMING AMERICANS
I’m not going to speak to any particular crypto asset. What I say is people should be free to make their own decisions about what they want to purchase or not purchase. The SEC’s role is not to come in and say ‘this is good or this is bad;’ it’s not the rule of government to do that. There are many questions Congress could provide clarity on. You see the regulators running around trying to get turf in this space, but it would be better if Congress said ‘this is the framework we want.’ I would love to see that. It is a difficult task for Congress to design something like that. You’ve seen a lot of work happen, and I look forward to seeing more coming up soon.
Rep. French Hill, R-Ark., weighs in on Biden’s challenge to McCarthy to show his budget and discusses his role as chairman of the new House subcommittee overseeing cryptocurrency and fintech.
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