The United States Stock Exchange and Securities Commission (SEC) probably does not have jurisdiction over many of the memecoins that flood the cryptography market, said the SEC Hester Peirce commissioner in a Tuesday’s interview with Bloomberg.
“We always have to look at the facts and circumstances, but many of the memecors that are out there probably do not have a home in the SEC under our current set of regulations,” Peirce said. “If that is something that Congress wants to address, they can do that. Maybe that’s something that [Commodity Futures Trading Commission] He wants to address. But many of those, I think, are probably not within our jurisdiction. “
Memecoras, unlike cryptocurrencies such as Bitcoin and Ether, do not have an inherent value. For years, many in the industry have delayed the regulation of values, arguing that they are more as digital babies or baseball cards than investment contracts.
The position at the hands of Peirce is a marked change in the sec approach for cryptographic regulation under former President Gary Gensler, who often stated that all cryptographic tokens, apart from Bitcoin, were values. Only one day after Gensler resigned, interim president Mark Uyeda announced the formation of a new cryptographic work force, headed by Peirce, promising regulatory clarity for the Gensler crypto industry.
Last week, Peirce presented a road map for the main priorities of the Crypto’s task group, including the resolution of the long -standing question of what makes a cryptographic asset a security in front of a merchandise and creating a more path Viable for registration by modifying the existing routes of the SEC. In the same statement, Peirce foreseen his position towards Memecoins, writing:
“If people want to buy a token or product that lacks a long -term clear value proposal, they should feel free but they should not be surprised one day if the price falls. In this country, people generally have the right to make decisions for themselves, but the counterpart of that wonderful American freedom is the equally wonderful American expectation that people must decide for themselves, not to look at the mother’s government to tell them what to do what Or do not do, or to rescue them when they do something that is wrong. ”
Read more: the sec Hester Peirce commissioner presents 10 priorities for the new cryptographic working group
