U.S. Securities and Alternate Fee (SEC) commissioner Hester Peirce expressed curiosity in constructing a non-exclusive secure harbor for token choices. The information was reported by Singaporean blockchain enterprise consulting agency Jenga BCG in a press launch printed on Aug. 5.
Per the doc, Pierce made her remarks throughout the Convergence Discussion board held on the Singapore College of Social Sciences and sponsored by the native blockchain enterprise consulting agency Jenga BCG. The convention — which has allegedly seen over 500 attendants on July 30 — reportedly included discussions introduced on by worldwide regulatory officers and numerous trade insiders.
The creator of the discharge claims that Peirce was among the many audio system, alongside Su Hui Tay, Deputy Director of the Financial Authority of Singapore. In her speech, Peirce reportedly mentioned that she is excited about constructing a non-exclusive secure harbor permitting issuers to supply tokens underneath an alternate regime with strong necessities. To handle the cross-border regulation, Peirce acknowledged that the internationalization of markets doesn’t have to result in the internalization of regulation, noting:
“Regulators have needed to comply with the lead of the markets and work with their international counterparts. […] Absent an express determination by residents of a jurisdiction to cede their regulatory authority to a world group, a jurisdiction ought to decide what guidelines work finest for its traders and markets.”
Director of the Monetary Know-how Division on the Financial institution of Thailand Wijitleka Maromefe reportedly mentioned throughout the convention that she believes that blockchain could have a constructive impact on the monetary system. Extra exactly, she expects the know-how to have a constructive affect “by way of know-your-customer, safety and privateness, and the Financial institution of Thailand has broadly deployed and used blockchain.”
As Cointelegraph reported in June, SEC Chairman Jay Clayton mentioned that the regulator must really feel comfy with cryptocurrency custody and guarantee no market manipulation can happen earlier than approving a crypto exchange-traded fund.