Regulation
“Crypto Mom” proposes a US-UK regulatory sandbox
Alex Dovbnja
Crypto-friendly regulator Hester Peirce has floated the idea of a joint regulatory sandbox for the US and UK
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US SEC Commissioner Hester Peirce, affectionately called “Crypto Mom” by the cryptocurrency community, has proposed the creation of a joint regulatory sandbox for the US and the UK.
His proposal would allow companies in these jurisdictions to undergo the same regulatory activities.
Peirce noted that sandboxes have proven their efficiency when it comes to enabling innovation in industries with stringent regulations. He highlighted the fact that disruptive companies are more likely to attract capital if they are part of a sandbox.
Furthermore, the pro-cryptocurrency commissioner said that sandboxes help increase the level of efficiency of cryptocurrency regulation. He has proposed an information-sharing agreement between the two jurisdictions that would allow regulators to gain a better understanding of cryptocurrency market activities.
Finally, Pierce further underlined that such initiatives would be beneficial for consumers and investors as the sandboxes would allow them to access innovative products and services.
Peirce stressed that his proposal does not reflect the views of other commissioners. He looks forward to working with his colleagues in the United States and overseas to bring his vision to life.
The SEC’s Peirce has repeatedly stressed the importance of accelerating the introduction of a clear regulatory framework in the United States
In March, he criticized his regulatory agency for being in “enforcement-only mode” following a series of high-profile cases against major crypto firms. Previously, he criticized the SEC for failing to consult the cryptocurrency industry before filing charges against Kraken for staking cryptocurrencies.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.