MICA Daily | US SEC Commissioner calls for government to reshape the regulatory environment of the encryption industry

Dubbed the 'encryption mom,' SEC commissioner Hester Peirce raised three top priorities in a recent interview with 'Fox Business' aimed at addressing regulatory barriers in the encryption industry. She first called for an end to the controversial 'Chokepoint 2.0' initiative, which involves government restrictions on encryption industry access to banking and Financial Service, such as allowing banks to provide custody services to encryption exchange or Decentralized Finance enterprises, in order to facilitate the smooth development of the encryption industry.

Furthermore, she emphasized the need for clear regulation by the SEC to resolve disputes over which cryptocurrencies are considered securities, allowing non-securities assets to be exempt from unnecessary regulation. She also called for collaboration between regulatory agencies and encryption companies to openly discuss how existing rules should be applied and identify areas that require adjustment, promoting transparency and rapid progress.

It can be seen that the United States is promoting the normalization of the encryption industry regulation. In the past, many banks did not allow financial services for encryption companies. In the future, with the relaxation of regulation in the United States, more banks will have contact with encryption companies and provide them with fiat currency custody, transfers, and financing services. Stablecoin-related companies are expected to benefit from a more relaxed regulatory environment. The first beneficiaries should be PayPal, Paxos, and USDC.

Disclaimer: The article represents only the author's personal opinions and does not represent the objective views and positions of Block. All content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and trades, and the author and Block will not be held responsible for any direct or indirect losses incurred by investors in their transactions.

〈MICA Daily | US SEC Commissioner urges: Government should reshape the regulation environment of the encryption industry〉This article was first published in "Block Chainer".