News | 02.11.19
SEC's Peirce Calls for Lighter Regulation of Cryptocurrencies
The current method for regulating cryptocurrencies may be too broad, and Congress should consider changing the law to treat digital assets uniquely, SEC Commissioner Hester Peirce said on Friday. In a speech, Peirce said she is worried that the SEC’s interpretation of the Howey test for cryptocurrencies is “overly broad.” “While the application of the Howey test seems generally to make sense in this space, we need to tread carefully,” Peirce said. “Congress may resolve the ambiguities engendered by Howey by simply requiring that at least some digital assets be treated as a separate asset class.” Peirce also said she is concerned the SEC is being too tough in denying companies permission to launch exchange-traded products based on cryptocurrencies.
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