As institutions move into the cryptocurrency space, the need for clear rules regarding digital assets is critical, an official at the Securities and Exchange Commission said.
SEC commissioner Hester Peirce believes that clear cryptocurrency rules are needed now more than ever due to firms like Tesla and Mastercard actively embracing the alternative asset class.
Peirce discussed the implications of institutional crypto adoption with Reuters on Saturday, following a series of massive crypto-related events in the last few weeks. After Elon Musk’s Tesla hinted at payments in Bitcoin (BTC), more companies including the United States’ oldest bank BNY Mellon and payment giant Mastercard announced plans to introduce crypto services as well.
“That adds to the urgency of us taking some sort of action in this area to provide more clarity,” the commissioner said. Widely referred to as “Crypto Mom” in the crypto community, Peirce has been consistently advocating for clear crypto rules, calling on the SEC to provide more clarity
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