The cryptocurrency community is still finding hope, despite the fact that Bitcoin is still below $4,000, which many believe to be a bearish sign. However, the beauty of the cryptocurrency community is that there are constant announcements about steps towards adoption, or countries, governments, and organizations, exploring blockchain technology, or corporations considering implementing a new cryptocurrency.
The cryptocurrency community is also constantly focused on the Securities and Exchange Commission. The SEC has been wavering on the issue of cryptocurrency, and as a result, the United States has not been able to provide clear regulations surrounding cryptocurrency. In a new development, SEC Commissioner Hester Pierce has stated that not all initial coin offerings (ICOs) are securities.
About Crypto Mom
Peirce is lovingly referred to within the cryptocurrency community as “Crypto Mom”, as she wants a Bitcoin ETF to be approved. In fact, her following has grown tremendously over the past few months, thanks specifically to cryptocurrency enthusiasts.
Peirce had less than 2,000 followers in mid-2018, and now boasts over 21,000 followers – meaning that the cryptocurrency community helped increase her followers by a factor of 10. She went viral last year for a tweet defending Bitcoin regulation, which received thousands of retweets and likes:
Apparently, bitcoin is not ripe enough, respectable enough, or regulated enough to be worthy of our markets. I dissent: https://t.co/gH5zXaKtmj
— Hester Peirce (@HesterPeirce) July 26, 2018
Innovation Hard To Regulate
Peirce is different from many others in the regulatory world in that she seems to understand the decentralized nature of Bitcoin and doesn’t view it as a “threat” as much as a new challenge to be understood and embraced. For example, in her latest speech, she states plainly: “Entrepreneurship and innovation do not have the happiest relationship with regulation.”
Peirce also took the time out to point out that there are aspects of society that are already decentralized. She says, “Decentralization is nothing new…free markets draw on the talents and knowledge of people all across society to produce what society needs.” However, she did recognize the revolutionary aspect of blockchain. Specifically, she pointed out that blockchain doesn’t “fit neatly” within the agency’s “securities framework.”