SEC's Official Believes a Clear Crypto Rules is Urgently Needed Amid Large Companies Bitcoin Adoption

By: Michael Wilson

February 14, 2021 11:38 AM

Companies such as Tesla Inc, Mastercard Inc, Visa Inc, and recently BNY Mellon Corp have all in recent times embraced Cryptocurrencies.

According to a top Security and Exchange Commission (SEC) official, Hester Peirce told Reuters during an interview.

“There have been needs for clarity for some time now and that a new parliament also brings the opportunity to take a different look. However, it's also a period where it seems others in the marketplace are also taking a fresh look,”

Hester Peirce who has been called the "crypto mom" by crypto enthusiasts due to her support of the asset class, Peirce has been advocating for regulators to establish clear rules that would allow crypto assets to thrive without the fear of breaking the law.

After Tesla announced it has invested $1.5 billion into Bitcoin, it was swiftly followed by Mastercard who said its network would be open to some cryptocurrencies. Also Visa, BNY Mellon has indicated Holding or supporting crypto assets, these have made Bitcoin (BTC) price rally to a record new all-time high.

Hester Peirce Added:
"that adds to the necessity of us taking some sort of action in this area to provide adequate clarity."