According to Cointelegraph, Securities Exchange Commission (SEC) Commissioner Hester Peirce told the SEC's Know Your Custodian roundtable that the U.S. Financial Institutions Group is playing a game of "the floor is lava" in the dark when dealing with cryptocurrency businesses.
Peirce explained that the registrants of the Securities Exchange Commission had to treat cryptocurrency-related activities like "the floor is lava," with the goal of jumping from one piece of furniture to the next without touching the ground, except that direct contact with cryptocurrency is lava. "She said:" The Washington, D.C. version of this game is our approach to regulating cryptoassets, especially crypto-asset custody. Companies that want to participate in cryptocurrencies must avoid direct holdings of cryptocurrencies due to unclear regulations.
Hester Peirce said, "It's time for us to find a way to end this game. We need to turn on the lights and make some sidewalks in the lava pit."
US SEC Commissioner: US cryptocurrency regulation is like playing a "floor is lava" game in the dark, and now it needs to "turn on the lights"
2025-04-27 04:53:22
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