Regulation
“Crypto Mom” Proposes US-UK Regulatory Sandbox
Alex Dovbnya
Crypto-friendly regulator Hester Peirce has floated the idea of a common regulatory sandbox for the US and UK.
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US SEC Commissioner Hester Peirce, affectionately known as “Crypto Mom” by the cryptocurrency community, has propose the creation of a common regulatory sandbox for the United States and the United Kingdom.
His proposal would allow companies in these jurisdictions to carry out the same regulatory activities.
Peirce noted that sandboxes have proven effective when it comes to enabling innovation in industries with strict regulations. She highlighted the fact that disruptive companies are more likely to attract capital if they are part of a sandbox.
Additionally, the pro-cryptocurrency commissioner said that sandboxes help increase the level of efficiency of cryptocurrency regulation. She proposed an information sharing agreement between the two jurisdictions that would allow regulators to better understand crypto market activities.
Finally, Pierce also highlighted that such initiatives would benefit consumers and investors since sandboxes allow them to access innovative products and services.
Peirce stressed that his proposal does not reflect the views of other commissioners. She looks forward to working with her colleagues in the United States and overseas to bring her idea to fruition.
The SEC’s Peirce has repeatedly stressed the importance of accelerating the introduction of a clear regulatory framework in the United States.
In March, she criticized her regulatory agency for being in “enforcement-only mode” following a series of high-profile cases against major crypto companies. Earlier, she criticized the SEC for not consulting the crypto industry before filing a complaint against Kraken for crypto staking.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.