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The U.S. should learn from other countries, especially China, on digital currency, says SEC commissioner Hester Peirce.
The United States could learn from Chinaâs innovations in digital currency, says Securities and Exchange commissioner Hester Peirce.Â
Fielding questions via webcam at this weekâs Crypto Finance Conference in Switzerland, the public sector leader known as CryptoMom, called for the U.S. to:Â
âLearn from what other countries are doing and take the best of what theyâre doing and reject the worst of what theyâre doing.âÂ
China outpacing U.S. on digital currency
Last fall, Mark Zuckerbergâs congressional testimony on Facebookâs Libra leaned heavily on the idea of U.S. innovation falling behind. Now, Chinaâs central bank, which just printed a second-edition manual on digital currencies for Chinese officials, will soon launch a state-backed cryptocurrency that has public sector leaders like Peirce taking notice:Â
âA lot of innovation is happening in China. I think that the government recognizing the potential is something we should learn from.â
Other issues before the SEC
The SEC is working on its âaccredited investorâ designation. The protection measure limits who enters the digital marketplace. Peirce said:
âIf youâre an accredited investor youâre able to invest in certain things other people canât invest in. So that has been a barrier in this space to some people getting involved in projects [...] for legal reasons people are restricting purchases to accredited investors. And so recently we put out a proposal to expand what an accredited investor is..â
Peirce also expressed interest in promoting âsafe harbors,â a designation to protect taxpayers from penalties against forked assets, saying:Â
âIâm hoping we can come up with some kind of a framework, a safe harbor framework that would allow people to get their token projects off the ground, to actually launch their networks.â
Later, Peirce added, âI think, again, we have lessons to learn.â
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