SEC Commissioner Says That Investors Will Diversify Into Digital Assets
Cryptocurrency has a supporter in the SEC.
Hester Pierce, a commissioner with the SEC, is affectionately known as "Crypto Mom". She is an ardent supporter for decentralized systems and cryptocurrency. Her belief is that digital assets are the future.
A few weeks back, she presented a proposal that exempted all crytpocurrencies from securities laws for a period of three years. During that time, each will have to decentralize to the point where they can prove it to the SEC. This grace period will give project teams the time to fully decentralize their platforms through growth.
Unfortunately, her term ends in June.
She claims they are seeing more interest out of institutional investors. In spite of the COVID-19, she says there are projects that are following their road map.
Ultimately, cryptocurrency and blockchain can bring people from around the world together. It will enable collaboration in the virtual world.
Throughout her term, she supported Bitcoin ETFs believing that the Commission needs to give investors more opportunity to get involved.
“We’re seeing more interest coming from institutional quarters than we have in the past. I think that will continue. As people are more comfortable working in a virtual world in every industry now, I think people are likely to turn more interest to the crypto space. And as people are looking to diversify their portfolios, I think people are also likely to look more to the crypto space.”
It appears to be a race between the regulators and the industry. Since there is little support coming for cryptocurrency from these bodies, it is up to the industry to keep developing at a pace that they cannot match.
When building an industry that is decentralized, the wider things get, the less attack vectors that exist.
Technology is enabling for people to achieve things that were inconceivable a decade ago.
The ability to attract more developers is paramount to increasing the pace. One of the areas that offers fantastic opportunity is with gaming. A few successful blockchain games could introduce tens of millions of users rapidly.
If enough people are holding digital assets, the path of regulators such as the SEC is that much more difficult.