Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), known as the "Crypto Mom", stated in an interview on 3/15 that the SEC is currently defining the regulatory scope with the Commodity Futures Trading Commission (CFTC) to clarify the direction of market development. She also actively discussed the stablecoin regulatory bill with Congress and established a safe harbor mechanism for crypto companies, allowing them to operate legally for a certain period without immediate enforcement action.

Clarifying the regulatory scope and widely soliciting opinions to find feasible solutions

Peirce emphasized that the SEC is clarifying the regulatory scope and ensuring that the legislation is clear. Afterwards, they will provide short-term regulatory rules to allow companies to operate with confidence and a basis. She stated that some regulations are only transitional until formal legislation or a regulatory framework is established.

Currently, the SEC is facing issues such as the regulation of security Tokens, and how broker-dealers and trading platforms should handle securities and non-securities assets. Peirce also stated that the SEC welcomes input from industry professionals to make regulatory policies more in line with market needs.

The SEC has also issued a comment letter with 50 questions, inviting industry professionals to respond to the parts they are proficient in. Peirce said they have received many professional and in-depth responses, and the SEC is referring to these documents to find the most feasible solutions.

Stablecoin regulation becomes the focus of attention,re-examining the enforcement strategy

Regarding the relationship between the SEC and Congress, Peirce pointed out that both parties are currently very concerned about the issue of stablecoin regulation, and the market structure bill and other related bills are clarifying the respective regulatory jurisdictions of the SEC and the CFTC.

She stated that decentralization is one of the core keys of cryptocurrencies, but there are still many centralized institutions in the market, and these institutions may involve risks such as fund security, market manipulation, or discriminatory treatment. Congress may consider formulating a new regulatory framework to regulate them.

The SEC has also recently withdrawn lawsuits against crypto companies and changed its enforcement strategy. Peirce pointed out that the SEC should first clarify the rules, and then use enforcement to ensure that companies comply, focusing on clear illegal acts such as fraud, rather than just registration or technical regulatory issues.

Promoting the safe harbor mechanism and encouraging companies to disclose information

The SEC is currently seeking market feedback on the safe harbor mechanism. Peirce stated that the SEC's past approach has made companies feel anxious, worrying that if they provide relevant information, they will become the target of enforcement.

Now, this mechanism can protect companies to operate legally within a certain period of time without immediate regulatory sanctions, and also encourage companies to cooperate more transparently with regulators, reducing regulatory uncertainty.

Deeply regretful about the Gemini case,releasing the crypto area to widely solicit external opinions

The SEC previously canceled the lawsuit against the exchange Gemini, and the company's co-founder Cameron Winklevoss had stated that the case had cost Gemini tens of millions of dollars. He even demanded that the SEC be held accountable and that the investigators in charge of the case be disciplined. In response, Peirce responded quietly, saying she fully understood the frustration of the companies, but emphasized that the responsibility for the SEC's decisions should be borne by the Commission, not the frontline enforcement personnel.

Finally, Peirce called on both industry professionals and the general public to visit the "Cryptocurrency Area" on the SEC's official website to understand the latest policies and submit opinions or schedule meetings. She emphasized that the SEC is very eager to discuss the most appropriate regulatory model with market participants.

(The U.S. SEC's regulatory attitude has undergone a major shift! It has withdrawn the investigation of Robinhood, and "Crypto Mom" Peirce has launched a regulatory sandbox)