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20 January 2021

DeFi and Eth 2.0 are whole new convos for regulators, says SEC's Hester Peirce

DeFi and Eth 2.0 are whole new convos for regulators, says SEC's Hester Peirce

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Hester Peirce, commissioner for the United States Securities and Exchange Commission, explained during an exclusive interview with Cointelegraph that decentralized finance, also known as DeFi, has created new challenges for the SEC. .

Peirce, nicknamed “Crypto Mom” for her interest in digital asset innovation, mentioned that the quickly rising DeFi sector has resulted in a number of unresolved legal issues:.

During a fireside chat with Whelan for the 'Ethereum in the Enterprise — Asia Pacific' online conference, Peirce mentioned that the crypto community must be cautious when building DeFi projects:.

In her fireside chat with Whelan, Peirce explained that regulatory barriers protect traditional financial institutions from competition, something that she is trying to change.

Given new developments in the Ethereum network, Peirce explained that her proposed Safe Harbor framework for blockchain projects will likely develop further.

With the rise of DeFi quickly taking over the crypto space, Peirce mentioned that moving forward the SEC should provide guidance around decentralized finance:

While Peirce mentioned this, she also noted that progress has been disappointing.

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