SEC Commissioner Hester Peirce, fondly known as “Crypto Mom” in the crypto community, spoke in favor of digital assets once again. She said that there is an increasing demand for cryptocurrencies from investors who want to create more diversified portfolios.
Supporting the crypto revolution
Appearing during a Livestream discussing in the Crypto Finance Conference St. Moritz, she said that the pandemic has affected all industries, including cryptocurrencies. Institutional investors are showing more interested in digital currencies because they want to diversify their portfolios. She said that people may also be interested in cryptocurrencies now.
“As people are more comfortable working in a virtual world in every industry now, I think people are likely to turn more interest to the crypto space.”
She noted that the pandemic has brought one major advantage to the industry. It has helped bring people together from around the world to work virtually.
SEC Commissioner’s positive thoughts
Peirce has been an SEC Commissioner since January 11, 2018, and has been vocal in her support for digital currencies. She criticized the SEC for rejecting the Bitcoin ETF application from the Gemini crypto exchange. She has long been supporting the launch of this derivative product but the SEC has so far eluded the idea. In February, she also announced a Token Safe Harbor Proposal, that could help bring the decentralized economy closer to regulations.
During the Livestream, she also talked about the digital dollar and said that it could be helpful for people in understanding the pros and cons of privately issues currency against government issues currency. She also emphasized that the idea of a government cryptocurrency is completely different from what the crypto community does in the private sector. However, it could bring people’s attention to this subject matter.
She warned that privacy issues must be handled with care while creating a digital currency. She said that it is important for society to focus on privacy because people don’t feel comfortable that any entity, whether government or private is monitoring their activities. The US Federal Reserve is currently considering a digital dollar to compete with Libra from Facebook and the digital currency from China’s central bank.
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