The SEC has barely wrapped its head around crypto in general, but Commissioner Hester Peirce is already calling for guidance on NFTs.
She says that if there’s potential for securities laws to apply to NFTs, then the SEC must be quick to act before NFTs become too big to regulate.
The U.S Securities and Exchange Commission is failing the cryptocurrency industry by not issuing guidelines for non-fungible tokens (NFTs), one of its commissioners says. Hester Peirce, known fondly as Crypto Mom, believes that the agency must quickly apply securities laws to NFTs if it believes they qualify as securities.
The SEC has struggled to regulate the crypto industry as a whole. It has already taken dozens of crypto startups to court for allegedly violating securities laws and obtained about $1.7 billion in fines and penalties according to data from blockchain analytics firm Elliptic. However, even then, it still has yet to come up with definitive rules for the sector.
Peirce believes that it’s
