SEC commissioner says US needs Token Safe Harbor Proposal 3.0 to keep crypto innovations alive
Hester Peirce shared the best approach to maintain the stable & safe development of the crypto sector under the jurisdiction of the United States.
Hester Pierce is a commissioner at the United States Securities and Exchange Commission (SEC), the American securities regulatory body which regulates the majority of the crypto sector forcibly under the traditional financial securities law. Hester is a crypto-supportive commissioner and she is known for her bullish support for the crypto sector. Crypto proponents call her “Crypto Mom”.
Nearly three years ago, Hester released the updated Token Safe Harbor Proposal 2.0. to bring a better policy for the token issuers, so that they can get better regulatory guidance to comply with rules & laws and simultaneously develop their corresponding projects to a decentralised level.
In the latest Hester talked about Token Safe Harbor Proposal and said that if the US government wants to maintain the future development of crypto & blockchain active in the US then they need to go with Token Safe Harbor Proposal 3.0.
By addressing the challenges for the new crypto startups & sceptical crypto investors, she said that the government needs to think & take action on this matter.
Under Hester’s proposed plan, there are provisions for crypto token issuers to get 3 years to develop their projects to a highly decentralised level & also after 3 years they have to register with the SEC agency to ensure that they follow the securities laws if applicable to their services.
On the 3.0 version of Token Safe Harbor Proposal, Hester didn’t disclose anything but she invited people to share their ideas.
Hester also said that she is ready to accept the ideas outside of this proposal, to make plans ready for the SEC body for future crypto regulatory efforts.
Such efforts by the crypto-friendly SEC commissioner Hester will surely bring a better level of confidence among the active crypto developers because many developers left the crypto-focused works because of the hostile crypto regulatory environment in the US.
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