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


ChangeNOW’s AML Action Lead To The Return Of $15M COMP

Earlier this week, ChangeNOW announced that it was able to identify and return 45,505 COMP back to Compound. The estimated value of this recovery is around the $15m mark. This remarkable achievement is further proof of the effectiveness of the exchange’s Anti-Money Laundering (AML) procedures. In an announcement made on ChangeNOW’s website, the company provided […]

6 October, 2021
CFD Trading Platform,eToro,Trading

eToro Lowers The FTD Minimum Across Several Countries

eToro, the social trading and multi-asset platform, has decided to lower the minimum first time deposit, or FTD. Until further updates, users who sign up today using the link below will be able to fund their trading account with as little as $50. This offer is only valid to users in selected countries. To participate […]

24 September, 2021

ChangeNOW Launches The NOW Tracker App

The young, but fast-growing online cryptocurrency exchange, ChangeNOW, has just announced the release of its latest product. The NOW Tracker is a free asset management app that lets users keep track of their coins and tokens across different wallets. Available on Google Play and the App Store, NOW Tracker is flexible and functional. This solution […]

9 September, 2021

eToro Becomes An Official Partner Of RB Leipzig

The world’s leading social investment network, eToro, has recently announced a new and exciting partnership. According to an announcement on eToro’s Twitter page, the company has become the latest partner of the German football team, RB Leipzig. A two-year partnership agreement has been signed between the parties. Running until 2023, this agreement can be extended […]

24 August, 2021

PSG’s Messi To Receive Part Of His Salary In Cryptocurrency

The Argentinian footballer, Lionel Messi, has made headline news several times in the past few weeks. Following his surprise departure from FC Barcelona, the player confirmed that he will be joining Paris Saint-Germain FC. The move was significantly newsworthy but got even more interest when it was announced that part of the footballer’s salary will […]

23 August, 2021

KingTiger Casino Announces Shut Down

KingTiger Casino has announced that it has ceased all operations until further notice. According to its website, the casino has had to “temporarily close” due to Ethereum network congestion. It is not yet clear if and when this online Bitcoin casino will reopen. Meanwhile, we invite you to check out other Bitcoin casinos from our […]

12 August, 2021

CryptoCasino Announces Temporary Close

CryptoCasino has stopped operating until further notice. According to a landing page on their website, the casino is undergoing an update. There is no information about when the casino will reopen or the reason why an update required the website to shut down temporarily. Players who hold a crypto wallet account with CryptoCasino need not […]

11 August, 2021

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