The US SEC commissioner, Hester Peirce urges urgent cryptocurrency regulations, as major companies like Tesla, BNY Mellon, and Mastercard are venturing into Bitcoin and other digital assets.
Pierce has been calling up for regulators to generate clear rules that will allow individuals and businesses to invest in digital assets without the fear of breaking any law.
After she publicly dissented on SEC’s decision to reject an application for a bitcoin exchange-traded fund filed by Tyle and Winklevoss, Pierce earned the title of “Crypto Mom”.
Call for clear crypto regulations
Recently, Pierce had an interview with Reuters, and there she again proposed the need for clear rules and regulations of crypto amid the news of large firms adding cryptocurrencies to their balance sheets.
“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,” Peirce said. “That adds to the urgency of us taking some sort of action in this area to provide more clarity.”
In an SEC filing, Tesla announced that the firm bought $1.5 billion in Bitcoin and will start accepting it as a payment for its products. BNY Mellon is America’s oldest bank and it announced to initiate financing BTC and other digital assets. Additionally, MasterCard will also allow its network to support some cryptocurrencies.
Raj Dhamodharan, an executive vice president at MasterCard said,
“Mastercard isn’t here to recommend you start using cryptocurrencies. But we are here to enable customers, merchants, and businesses to move digital value — traditional or crypto — however, they want.”
Bitcoin continues to be Bullish
As big firms are adopting digital currencies, individual investors and businesses are also willing to explore the crypto space. Bitcoin crossed the mark of $49,000 on February 12, 2021. Also, as per the coinmarketcap, the Bitcoin price at the time of writing is $48,170.29 and a market cap of $895,166,081,717.