SEC Commissioner Says Crypto Regulations Likely To Happen ‘Faster’ After TerraUSD (UST) Collapse

After two large-cap crypto assets lost tens of billions of dollars earlier this month, a key official at the US Securities and Exchange Commission (SEC) predicts that stablecoin regulation will speed. SEC Commissioner Hester Peirce told CNBC at the DC Blockchain Summit in Washington, DC, that she hopes any future regulation doesn’t choke the whole crypto market after the collapse of the TerraUSD (UST) algorithmic stablecoin and its related Terra (LUNA). “I think it is likely that we’re going to have regulation happen faster because of the events of recent weeks. But stablecoin legislation was already on the docket, and so it’s possible that will move forward more quickly. I think what we have to make sure to do though is preserve the ability of people to experiment with different models and do so in a way that fits within regulatory guard rails.” Peirce believes that Congress will establish recommendations for the SEC and the Commodity Futures Trading Commission on what roles the federal government should play in crypto regulation (CFTC). “The SEC is already acting and using the authority that it has, but I do think it would be helpful if Congress came in and said, ‘SEC, here’s the role we think you should be playing, CFTC here’s the role for you.’ One could argue that the SEC would be a good regulator of retail exchanges if we decide to have a federal regulator, but again that’s really up to Congress to make that call. But th...