US SEC members put pressure on Congress with a seven-point cryptocurrency reform framework to quickly advance reform

PANews March 31 news, according to Bitcoin.com, the Securities and Exchange Commission (SEC) Commissioner Hester Peirce called on Congress to simplify cryptocurrency regulation and reduce regulatory chaos at the 8th Blockchain Summit of the Digital Chamber of Commerce in Washington, DC on March 26. Peirce pointed out that the overlap of multiple regulatory overrides, including the SEC, the Commodity Futures Trading Commission (CFTC), the Financial Crime Enforcement Network (FinCEN), and state-level regulators, is bringing high efficiency costs to market participants and regulators. “The regulatory overlap problem may worsen further, as crypto assets can represent any form of assets ranging from cash to financial instruments such as securities or futures contracts to precious artworks,” she warned.

To this end, Peirce made seven clear recommendations to lawmakers: 1. Oppose the establishment of a new regulator, and recommends that Congress authorize existing regulators 2. Limit the application scope of the new regulations to platforms that are native to the United States or for US users 3. Implement federal priority in the interstate business field to alleviate conflicts with state laws 4. Congress designates specific federal agencies to regulate specific crypto asset classes 5. It is clear that the law allows SEC or CFTC regulatory platforms to trade various crypto assets (including non-securities assets) 6. Apply traditional financial market supervision principles to the crypto field, and recommends that trading venues operate in reference to alternative trading systems 7. Protect Americans’ peer-to-peer financial interaction rights and prevent centralized overpowering. Peirce also emphasized that the revised framework must maintain regulatory effectiveness: "Regulators should retain the power of supervision and review of trading platforms and take enforcement actions for violations of customer protection rules, insider trading and disclosure violations."