SEC Commissioner Hester Peirce Calls For Support Of Crypto Innovation

SEC Commissioner Hester M. Peirce called for improved coordination among international financial regulators to better facilitate blockchain technology and cryptocurrency innovation.

In a speech at the Singapore University of Social Sciences Convergence Forum, Ms. Peirce praised Singapore as the "global crypto-hub," and compared that nation's progress in cryptocurrency regulation to that of the United States. Ms. Peirce pointed out that the United States is still grappling with a less-than-mature cryptocurrency regulatory regime, with multiple regulators and a "nebulous" definition of what constitutes a security. She highlighted the difficulty faced by U.S. investors and firms regarding cross-border compliance, including the challenges of mismatched domestic and international regulations and the complexities of dealing with rules across multiple jurisdictions. In addition, she considered the question - answered differently by different countries - of whether a