Regulators like the Securities and Exchange Commission shouldn’t be acting as gatekeepers to new technologies like bitcoin, says the Commissioner Hester Peirce.
According to her, the decision actually does a disservice to investors who are operating in the market: “From my perspective, we need to be mindful of what our role is, and it’s not to be the ones who decide which innovations and which technologies get through and which ones don’t”. She continued: “I think that’s a very dangerous position to put ourselves in, and I think it really does harm investors because it denies them opportunity.”
“I’m not taking a view whether bitcoin is going to succeed or fail. I’m excited by the fact that people are thinking of new ways to do things,” Peirce told reporters. “Bitcoin is one of those things, blockchain is one of those things, other cryptocurrencies – but again I’m not weighing on any particular innovation or any particular asset.”
“I think the exchange, in making a decision to list this particular product, had looked into whether it thought investors were interested in it, and if investors are interested in it, I don’t see why we should stop them from having access to it.”
Indeed, in her Friday statement, Peirce contended that “approval of this order would demonstrate our commitment to acting within the scope of our limited role in regulating the securities markets.”
“If someone is trying to raise money for a legitimate project, as long as the person explains what he’s trying to do and what he’s going to do with the money that reveals everything material that investors need to know – I don’t think we should stand in the way,” she told the press.
And while she clarified that she’s not an advocate for bitcoin or cryptocurrencies, she said she finds the work around the technology “really exciting”. “It’s not that I’m supporting any one asset, it’s just that I’m supporting the ingenuity and the creativity and the curiosity that’s motivating people to invest their time and money in these new technologies,” she said. “I think that’s exciting. But again, I can’t weigh in on any particular asset, including bitcoin.”
According to Peirce, the crypto-faithful who are following her shouldn’t expect too many fireworks. She concluded: “It’s that my guess is that most of those followers will find most of my tweets very boring. Most of them are about very dull regulatory things.”
