SEC & Santander Conversation
In conversation with Managing Director of Santander Bank John Whelan as part of the two-day ‘Ethereum in the Enterprise – Asia Pacific’ event, commissioner of the SEC Hester Peirce spoke highly of cryptocurrency and blockchain technologies, calling for greater development in legislative and regulatory frameworks to allow for seamless integration of digital assets.
The Wyoming Model
She discussed how the regulatory infrastructure designed to foster innovation in US state of Wyoming could set precedent for the SEC’s nation-wide approach. Illustrating the recent approvals of chartered banking licences for crypto-firms such as Kraken and Avanti, Peirce described the state as “extremely progressive” in adoption.
“Our securities laws are designed to be quite flexible to stand the test of time and I think they largely do.”
Before advising more advocacy of these technologies from the SEC:
“I do think there are some issues that crypto raises that are not neatly solved by our existing securities laws. I would like to see a little more innovation on the regulatory side.”
The Securities Exchange Commission have governed a similar approach to many of the legal and regulatory bodies in the US – one of hostility, apathy and the appearance to stunt growth in the space.
Their ongoing dispute with Ripple over their status as a security is testament to the lack of willingness to truly immerse and understand the vast potential of this emerging financial landscape.