Regulation Is Desirable, But Crypto Should Regulate Itself – SEC’s Peirce

Regulation Is Desirable, But Crypto Should Regulate Itself – SEC’s Peirce

Self-regulation is the future, or maybe not. SEC Commissioner Hester Peirce affirmed in a public talk at the MIT Bitcoin Expo 2019 that national regulation was desirable, but crypto markets should auto-regulate itself when possible.

CFTC chairman Gary Gensler also participated in the forum. He said that the US needs a robust and federal framework of regulation for the crypto industry.

Gensler states that federal regulation would add protection for investors as well as coordinating money laundering prevention among other concerns. 
However, Peirce said that people should regulate each other when interacting themselves “and that’s the whole purpose of the Bitcoin idea.”

Taking the intrinsic idea of Bitcoin, Peirce says that the cryptocurrencies ecosystem is a perfect community to regulate itself. “As problems arise,” says Peirce, “one model would be to have a government regulator, but I do not think that is the only model.”

Texas’s Bill To Approve Identify Verification For Crypto Users

Texas House of Representatives Member Phil Stephenson proposed a bill that would require identity verification for any person involved in crypto payments. 

A bill to be entitled an act relating to digital currencies has been proposed in Texas. This will put cryptocurrencies’ anonymity in jeopardy, as every person using cryptos as a method of payment will be required to verify their identification.

According to the bill, identity verification means the “true identities of the sender and the receiver to be known before a person has access to another person’s digital wallet.”

The bill also says that the law should promote education and develop tools for investors that will help them to verify people on the other side of the transaction.  At the same time, It will “provide tools for people to distinguish a verified identity digital currency from digital currencies that allow users to remain anonymous.” Is it a menage for cryptocurrency anonymity? 

Ready to join our tribe?

We respect your email privacy

Subscribe now to recieve exclusive updates and offers!

Recently Similar News

Latest Guides

Latest News


Binance Suspends SEPA Inward Payments Until Further Notice

Binance Suspends SEPA Inward Payments Until Further Notice Binance has just announced that it has temporarily stopped all incoming SEPA payments. As a result, users will no longer be able to deposit euros using the primary European payments network. The world’s largest cryptocurrency exchange did not provide any specific information regarding the reason behind this […]

12 July, 2021

Why are Crypto Holders Worried of Declaring Their Ownership?

Cryptocurrencies have been popularly regarded as the future of finance globally. Investing in virtual coins has become a lot easier than it was a few years ago with the evolving crypto industry. Over the last few years, Bitcoin has caused a lot of buzz in the market. It has established itself as the de facto […]

8 July, 2021

Bitcoin On The Rebound Following Elon Musk’s Latest Announcement

The price of the world’s largest cryptocurrency is rising again following the latest comments from Elon Musk. Bitcoin’s price has climbed and stayed above $40,000 on Monday 14th June, following an announcement by Musk that Tesla will, once again, start accepting BTC payments. The latest comments have proven once more what a powerful influence the […]

16 June, 2021

Bitcoin Is Now Legal Tender In El Salvador

The world largest cryptocurrency has become a legal currency in El Salvador. Following a congressional vote held on Tuesday, a significant majority agreed to adopt Bitcoin and use it alongside the country’s other currency, the US dollar. In the words of El Salvador’s President, this decision has made “history”. Within the next 90 days, all […]

10 June, 2021

Google Updates Its Advertising Policy To Allow Crypto Ads

Global search engine giant, Google, has announced that it will be accepting cryptocurrency advertisements targeting customers in the US. This change to the tech giant’s financial products and services ads policy is expected to be made at the start of August 2021. As a result, operators of cryptocurrency exchanges and wallets will be able to […]

8 June, 2021

Coinbase Stock Loses Over 25% Since April IPO

It was hailed as one of the greatest moments in cryptocurrency history. The Coinbase IPO was seen as the tipping point of the sector, a moment when cryptocurrencies will finally find their well-deserved place within the financial industry. Interest was high, and when Coinbase (COIN) began trading on the Nasdaq on April 14, 2021, the […]

26 May, 2021
Bitcoin,Cryptocurrency,Social Media

Bitcoin Drops by Over 30% to $30,000 After Another of Elon Musk’s Tweets

Tesla’s CEO and among the top three richest people in the world, Elon Musk, has yet again sent Bitcoin and other altcoins on a wild ride that saw the markets bleed after massive sell-offs. In a flurry of tweets that begun on Sunday, Elon seems to have implied that Tesla would liquidate its Bitcoin holdings. […]

20 May, 2021

Tune In To The 4th Edition of the AIBC Pitch

On the 25th of May 2021, Dubai will once again play host to the much-anticipated Draper-Aladdin AIBC Startup Pitch. 100 companies operating in the exciting fields of AI, Blockchain, Quantum Tech, FinTech, Big Data and IoT will be showcasing their ideas to investors and other stakeholders. Up to $500,000 can be won by any single […]

16 May, 2021