Speaking at the Digital Monetary Institute’s annual symposium on Thursday, Pierce predicted that stable currency regulation could be on the horizon.
“I think one place… we might see some movement around stablecoins. This is obviously an area that has gotten a lot of attention this week, but I think overall, it was one area within crypto that really had a moment, and there’s a lot of crypto usage going on. stablecoins, therefore, people are thinking in the future if this becomes bigger, do we want to have some kind of regulatory framework.Some people have suggested that it be in the SEC.Others want it to be in banking regulators, so there are different potential options for dealing with stablecoins “.
Pierce, a crypto proponent, says that a single term can cover very different types of assets, explaining that there can be huge differences between stablecoins. She notes that crafting regulation is difficult because it needs to cover the diverse offerings of stablecoins that exist today, as well as any potential technology that could exist in the future.
“What you urged us to do at the Securities and Exchange Commission is use our regulatory tools that we have that allow us to make exceptions to our existing rules that are designed for a particular technology, so we can do that and allow for iteration and experimentation, which I think is really important at the beginning of any technology.”
And with experimentation, I’d just have to say we need to make room for failure as well because that’s obviously part of trying new things. And our framework really allows for that kind of trial and error, and I hope we can use it for that.”
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