Called as the “Crypto Mom” for his support of the crypto industry, Peirce warned that the SEC could turn its attention to NFTs.
SEC commissioner Hester Peirce stated that creating a single regulator to regulate cryptos will not be the solution to all of the industry’s problems.
“I understand the request to search for a single editor. I have a few questions regarding this. When you create another regulator in Washington, all you get is add one more on top of the existing regulators.”
Coinbase is among those seeking a single US regulator to oversee the crypto industry.
Peirce used the following statements about the regulatory process:
“We have the opportunity to sit down and work with people who are very clear about their willingness to improve regulations. We’ve made really little regulatory progress so far.
Instead of doing this, we applied one-time sanctions.
I am happy that we decided to build something that makes sense in terms of regulatory clarity, rather than just making various applications.”
SEC Might Turn to NFTs
NFTs rose in popularity in 2021 and managed to reach $22 billion in trade volume by December. NFTs could be the next target of the SEC, according to Peirce.
“Given the breadth of the NFT industry, parts of it may fall under our jurisdiction. People need to think about how NFTs can fall under the jurisdiction of securities regulators.”
