Dubbed the ‘encryption mom,’ U.S. SEC Commissioner Hester Peirce outlined three key priorities in a recent interview with ‘Fox Business,’ aimed at addressing regulatory barriers in the encryption industry. She first called for an end to the controversial ‘Chokepoint 2.0’ initiative, where the government restricts encryption companies’ access to banks and Financial Service, such as allowing banks to provide custody services to encryption exchanges or Decentralized Finance firms, enabling the encryption industry to thrive.
Furthermore, she emphasizes the need for clear SEC regulatory boundaries, resolving disputes over which cryptocurrencies are securities and allowing non-securities assets to be exempt from unnecessary regulation. She also calls for regulatory agencies to collaborate with encryption companies to openly discuss how existing rules should be applied and identify areas that need adjustment, promoting transparency and rapid progress.
It can be seen that the United States is promoting the normalization of the encryption industry regulation. In the past, many banks did not allow the provision of financial services for encryption enterprises. In the future, with the relaxation of regulation in the United States, more banks will be able to interact with encryption enterprises and provide them with fiat currency custody, transfers, and financing services. Stablecoin-related enterprises are expected to benefit from a more relaxed regulatory environment, and the first beneficiaries should be PayPal, Paxos, and USDC.
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