The Sec has to publish guidelines for NFTs, says Crypto Mom Hester Peirce
The Sec has to publish guidelines for NFTs, says Crypto Mom Hester Peirce
- The SEC has hardly dealt with crypto in general, but Commissioner Hester Peirce already calls for instructions on NFTS.
- She says that if the possibility is that securities laws apply to NFTS, the SEC must act quickly before NFTs become too big to regulate it.
The US Securities and Exchange Commission lets the cryptocurrency industry down by not publishing any guidelines for non -fungal tokens (NFTS), says one of its commissioners. Hester Peirce, lovingly known as Crypto Mom, believes that the authority has to quickly apply securities laws on NFTs if it believes that they qualify as securities.
The SEC has tried to regulate the crypto industry as a whole. It has already brought dozens of crypto startups to court due to alleged violations of securities laws and sued $ 1.7 billion in fines and penalties of the blockchain analysis company Elliptic. But even then she has not yet found any final rules for the sector.
PEIRCE believes that it is time that the agency pays more attention to the NFTs. In a (n Interview explained with CQ Roll called Crypto mom:
as a regulatory authority I watch this because the growth was pretty amazing. I am sure that people think about how they can use the idea of an NFT in the financial sector.
we need separate regulations for NFTS?
nfts have become one of the most exciting sectors in crypto. In the third quarter of 2021, NFT trading ran over 700 percent compared to the same period last year and more than 38,000 percent. Every other celebrity has shaped an NFT on Ethereum, Solana, Avalanche, Terra and more.
data from nonfungible.com show that Axie Infinity NFTS has sold $ 3.4 billion to lead the charts. The Bored Ape Yacht Club takes second place with $ 2.1 billion, followed by cryptopunks and art blocks with $ 1.9 billion or $ 1.3 billion.
This is a sector that the SEC has to regulate, Crypto Mom told Roll Call.
It makes sense that in each of these emerging areas in which securities laws may be used, we call some of the things that people should think about.
In cases where NFTS are used to represent shares of companies, the SEC will probably be responsible, it added.
While the SEC deals with NFTs, the regulatory authorities do not seem to find a middle ground in which direction new regulations should go. Some are big fans, such as the Senator of Wyoming, Cynthia Lummis, whose upcoming digital asset law does not contain NFTS.
she commented:
nfts are an exciting new way for artists, creators and others to certify the authenticity of a unique object. NFTs are relatively new and I think we still have to learn a lot about how to develop.
However, not all of them agree on the need for regulations. Cleve Mesidor, the consultant for public policy at Blockchain Association, believes that there are already enough rules to lead NFT owners.
Source: Crypto-news-flash.com
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