U.S. SEC Commissioner: SEC alone cannot resolve regulatory issues with cryptocurrencies, or requires congressional support

On December 18, the US SEC proposed to modify the definition of "qualified investors" to relax market access. The proposal will undergo a 60-day public comment period. In this regard, SEC member and "crypto mom" Hester Peirce said that she looked forward to comments on the proposal, but she had greater hopes for securities law and investment guidance and hoped to see more people accept the risks inherent in investing. Regarding cryptocurrencies, she is open to the need to reclassify. "A large part of the field is actually token buyers, and they may not be investors at all. Under existing exemptions or current proposals, people who want to invest in a project are likely not eligible to become eligible investors." Securities Hopes for an exemption for ICOs in the law are slim, but she is optimistic about the ability of the crypto industry to come up with creative solutions. But she reiterated that the SEC alone cannot provide all the answers to cryptocurrencies. "I'm glad someone in Congress is interested in this area. Congress has the ability to provide clarity-I think we have the ability to provide clearer information than it does now, but of course Congress has this ability." She said that Congress has the ability to replace the SEC The framework, like the JOBS Act of 2012, which includes a crowdfunding clause, greatly expands the previously ignored Section A of the regulatory exemption. "The agencies really need coordination. In the final analysis, it may be necessary to get some encouragement from Congress."