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US SEC Commissioner Peirce: International Blockchain Innovation Comes at a "Cost To US Economy"
In this special edition of the Blockchain Journal Podcast, Blockchain Journal brings you a recording of a "fireside chat" involving Boston Blockchain Association (BBA) Chair Doug Mehne and Commissioner Hester Peirce of the US Securities and Exchange Commission (SEC).
A key focus of their conversation was Bitcoin Exchange Traded Funds (ETFs), their recent (January 2024) approval by the SEC, and the extraordinary amount of time it took for the SEC to finally clear the way for the ETFs to reach investors. At the time of publication, there were 11 such ETFs available on the public markets in the US. Peirce is regretful about the time it took and suggested that she might have taken a different approach had she known back in 2018 what she knows now. It's important to keep in mind that Peirce is one of five commissioners who vote on regulatory matters at the SEC and that she does not bear sole responsibility for the passage of any regulation at the SEC, crypto or otherwise.
Among the many topics they discuss, Peirce is keenly aware of the degree to which the lack of regulatory clarity when it comes to cryptocurrency and blockchain is causing American firms to hesitate with their innovations. She cited the ten-year period that elapsed between 2014, when ShapeShift AG first enabled crypto investors to trade certain cryptocurrencies for other cryptos, and 2023, when the SEC finally closed the books on its enforcement action against the Switerland-based company (for acting as an unregistered dealer of securities). Peirce noted how, even if it's through precedent enforcements of the sort that the SEC took against ShapeShift, ten years was too long to establish such precedents as legal guardrails for other American innovators to observe. It gave other crypto-permissive international jurisdictions an opportunity to not only establish a technological lead over the US but also to foreclose on participation by US companies. Despite her concerns, Peirce feels there is still time for the US to catch up.
An introduction from Blockchain Journal editor-in-chief David Berlind precedes Blockchain Journal's special presentation of the BBA's fireside chat.
To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/us-sec-commissioner-peirce-says-its-not-too-late-us-catch-blockchain-innovation
The video can also be watched on Blockchain Journal's YouTube Channel at:
https://www.youtube.com/watch?v=slFqO_JL-CM
For information about the Boston Blockchain Association, please visit them at:
Web: https://bostonblockchainassociation.com/
LinkedIn: https://www.linkedin.com/company/boston-blockchain-association
YouTube: https://www.youtube.com/@bostonblockchainassociatio5811
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By Blockchain JournalIn this special edition of the Blockchain Journal Podcast, Blockchain Journal brings you a recording of a "fireside chat" involving Boston Blockchain Association (BBA) Chair Doug Mehne and Commissioner Hester Peirce of the US Securities and Exchange Commission (SEC).
A key focus of their conversation was Bitcoin Exchange Traded Funds (ETFs), their recent (January 2024) approval by the SEC, and the extraordinary amount of time it took for the SEC to finally clear the way for the ETFs to reach investors. At the time of publication, there were 11 such ETFs available on the public markets in the US. Peirce is regretful about the time it took and suggested that she might have taken a different approach had she known back in 2018 what she knows now. It's important to keep in mind that Peirce is one of five commissioners who vote on regulatory matters at the SEC and that she does not bear sole responsibility for the passage of any regulation at the SEC, crypto or otherwise.
Among the many topics they discuss, Peirce is keenly aware of the degree to which the lack of regulatory clarity when it comes to cryptocurrency and blockchain is causing American firms to hesitate with their innovations. She cited the ten-year period that elapsed between 2014, when ShapeShift AG first enabled crypto investors to trade certain cryptocurrencies for other cryptos, and 2023, when the SEC finally closed the books on its enforcement action against the Switerland-based company (for acting as an unregistered dealer of securities). Peirce noted how, even if it's through precedent enforcements of the sort that the SEC took against ShapeShift, ten years was too long to establish such precedents as legal guardrails for other American innovators to observe. It gave other crypto-permissive international jurisdictions an opportunity to not only establish a technological lead over the US but also to foreclose on participation by US companies. Despite her concerns, Peirce feels there is still time for the US to catch up.
An introduction from Blockchain Journal editor-in-chief David Berlind precedes Blockchain Journal's special presentation of the BBA's fireside chat.
To watch the video version of this podcast or read its full-text transcript, go to:
https://blockchainjournal.com/interview/us-sec-commissioner-peirce-says-its-not-too-late-us-catch-blockchain-innovation
The video can also be watched on Blockchain Journal's YouTube Channel at:
https://www.youtube.com/watch?v=slFqO_JL-CM
For information about the Boston Blockchain Association, please visit them at:
Web: https://bostonblockchainassociation.com/
LinkedIn: https://www.linkedin.com/company/boston-blockchain-association
YouTube: https://www.youtube.com/@bostonblockchainassociatio5811