SEC declares its significance by comparing Bitcoin [BTC] to Beaches

Christopher Giancarlo, the Chairman of CFTC a regulatory commission, praised Hester Pierce for speaking on cryptocurrency and blockchain. Hester M. Pierce is a member of the SEC another regulatory commission. She compared Bitcoin to beaches using a metaphor of a lifeguard at a beach.

Tweet by Christopher Giancarlo

Tweet by Christopher Giancarlo

The Commodity Futures Trading Commission [CFTC] is a financial regulatory agency tasked with overseeing the U.S. derivative markets.  The regulatory body offers transparent, competitive, and financially sound markets. The commission seeks to protect market users from fraud, manipulation, and abusive practices related to the derivatives based on the Commodity Exchange Act [CEA].

Commissioner Hester M. Pierce had joined the commission on the 11th of January 2018. U.S. Securities and Exchange Mission [SEC] is an institution that prevails to protect investors to promote and maintain fair, authentic trade. They are also responsible for facilitating capital formation as the institution was built on public trust.

On the 2nd of May, Hester spoke about digitalized assets and securities. Cryptocurrencies such as Bitcoin function as money or commodity but more than that they are actually securities. She also says that the Commission protects the investors and secures the market integrity by deterring and punishing fraud and setting clear rules.

She further clarifies:

“As we sit atop, our lifeguard’s stand and survey the beach…… My hope is that we can navigate these new waters collaboratively. The SEC’s role is not to hand out permission slips for innovation. Innovation happens—organically through private decisions and irrepressible human creativity.”

Ben Gish tweeted saying:

“Glad to see the SEC recognizes potential harm of over-regulation and/or premature regulatory frameworks. Very promising for crypto.”

A Redditor says:

“History will remember you for promoting good technology.”

Another Redditor says:

“Great write-up; good to see a well balanced approach not wanting to stifle innovation (and thus be left behind). Let’s hope it continues!”

John Barker a tweeted:

“This is a great idea, but when the regulators step into referee, they are using hundred year old rules and have no clue as to how to define or regulate a new technology and infrastructure..i just hope this doesn’t stifle innovation and regulators grow with the technology”

A Twitterati by the name Fundamentalist says:

“The law deserves respect, but technological progress should not be bound by the limits of the regulator’s lawyerly imagination such words of wisdom from the SEC. who would’ve thought.”

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