Regulation News

US SEC’s Hester Peirce: Certain Tokens Need a Safe Harbor

U.S. Securities and Exchange Commission (SEC) commissioner Hester Peirce expressed interest in building a non-exclusive safe harbor for token offerings. The news was reported by Singaporean blockchain business consulting firm Jenga BCG in a press release published on Aug. 5.

Per the document, Pierce made her remarks during the Convergence Forum held at the Singapore University of Social Sciences and sponsored by the local blockchain business consulting firm Jenga BCG. The conference — which has allegedly seen over 500 attendants on July 30 — reportedly included discussions brought on by international regulatory officials and various industry insiders.

The author of the release claims that Peirce was among the speakers, alongside Su Hui Tay, Deputy Director of the Monetary Authority of Singapore. In her speech, Peirce reportedly said that she is interested in building a non-exclusive safe harbor allowing issuers to offer tokens under an alternative regime with robust requirements. To address the cross-border regulation, Peirce stated that the internationalization of markets does not need to lead to the internalization of regulation, noting:

“Regulators have had to follow the lead of the markets and work with their foreign counterparts. […] Absent an explicit decision by citizens of a jurisdiction to cede their regulatory authority to an international organization, a jurisdiction should determine what rules work best for its investors and markets.”

Director of the Financial Technology Department at the Bank of Thailand Wijitleka Maromefe reportedly said during the conference that she believes that blockchain will have a positive effect on the financial system. More precisely, she expects the technology to have a positive influence “in terms of know-your-customer, security and privacy, and the Bank of Thailand has widely deployed and used blockchain.”

As Cointelegraph reported in June, SEC Chairman Jay Clayton said that the regulator needs to feel comfortable with cryptocurrency custody and ensure no market manipulation can take place before approving a crypto exchange-traded fund.

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