Tesla and other large companies that support cryptocurrencies have forced the US regulator to think about clear rules

Tesla and other large companies that support cryptocurrencies have forced the US regulator to think about clear rules

SEC Commissioner, Hester Peirce, urges that new and clear crypto regulatory frameworks must be put in place as soon as possible.


14 Feb 2021 , 20:46 @ Katie Müller

Tesla and other large companies that support cryptocurrencies have forced the US regulator to think about clear rules

SEC Commissioner, Hester Peirce, urges that new and clear crypto regulatory frameworks must be put in place as soon as possible.

After Tesla invested $ 1.50 billion in Bitcoin in January and also announced that it plans to adopt Bitcoin as a way to pay for its products, the SEC sees a need to introduce new rules for the crypto market.

With this information came Reuters, which interviewed the SEC Commissioner, Hester Peirce, who in the crypto world is also called “Crypto Mom”.

Hester Peirce deserved this nickname because he has  been interested in cryptocurrencies and the creation of a suitable regulatory environment for a long time.

It’s not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look,

Hester Peirce

H. Peirce said in an interview  due to large companies such as Tesla Inc, Mastercard and BNY Mellon Corp having decided to adopt cryptocurrencies as an alternative asset class, it is necessary to create a clear regulatory regime for cryptocurrencies.

Specifically, Tesla has invested $ 1.5 billion in cryptocurrencies, BNY Mellon said it will help its clients to hold digital assets, and Mastercard has added it will support some cryptocurrencies in its network.

In the context of the topic, H. Peirce stated:

That adds to the urgency of us taking some sort of action in this area to provide more clarity,”

In the next part of the interview, the commissioner also addressed topics such as GameStop prizes and the action triggered by reddit users, who are squeezing hedge funds that had bet against those shares.

Read also: Uber is likely to accept payments in cryptocurrencies

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