SEC Commissioner Hester Peirce Warned That Regulation May Soon Focus On The NFT Field

Hester Peirce, the United States Securities and Exchange Commission (SEC) Commissioner who was called crypto mom, said in an interview on CoinDesk TV that the formation of a single regulatory agency to monitor cryptocurrencies is not a panacea to solve the industry's regulatory dilemma. 

She believes that the SEC has failed to provide an effective regulatory framework for the crypto industry, but instead regulates it through law enforcement. 

Peirce said: "We have an opportunity to sit down and work with people, many of whom have been very open about their willingness to come in and work with us and develop regulation. So far, we’ve really provided very little concrete regulatory progress... What we’ve done instead is we’ve brought one-off enforcement actions.” 

Peirce also said that the SEC is paying attention to the development of NFTs. She warned: “Given the breadth of the NFT landscape, certain pieces of it might fall within our jurisdiction. People need to be thinking about potential places where NFTs might run into the securities regulatory regime."

By Mary Liu

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