SEC Commissioner calls for Congress to urgently implement 7 cryptocurrency reforms

U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce called on Congress to simplify cryptocurrency regulation and reduce regulatory confusion at the 8th Blockchain Summit of the Digital Chamber of Commerce in Washington D.C. on March 26. Peirce proposed seven specific suggestions to lawmakers:

1. Oppose the establishment of new regulatory bodies, suggesting that Congress authorize existing regulators;

2. Limit the scope of new regulations to platforms within the United States or those targeting U.S users;

3. Implement federal precedence in interstate commerce to alleviate conflicts with state laws;

4. Have Congress designate specific federal agencies to regulate certain categories of crypto assets;

5. Clarify that law allows SEC or CFTC to regulate all types of crypto asset trades (including non-securities assets);

6.Apply traditional financial market regulatory principles to the crypto field, suggesting trading venues refer to alternative trading systems operations; 

7.Protect Americans' rights for peer-to-peer financial interactions, guard against centralization overreach.

Peirce also emphasized that a revised framework must maintain its regulatory effectiveness: "Regulators should retain oversight review authority over trading platforms and take enforcement action against violations such as customer protection rules, insider trading, and disclosure violations."