SEC Hester Pierce: Cryptocurrency Becomes More and More Like Internet Currency

As part of her speech at the DACOM New York Summit, Hester Pearce, representative of the SEC, commented on the Commission's position regarding the crypto industry, and also spoke about the possibilities that could contribute to the fight against fraud.

Pierce believes that cryptocurrencies can be considered as a "transaction mechanism", and their main feature is the presence of a function that allows them to be considered as a means of accumulation. The SEC representative believes that, with the development of cryptocurrency technology, it can be even more regarded as Internet money.

The Commissioner also commented on the situation with the regulation of the crypto industry. He explained that in this regard, the country is less competitive, as it demonstrates slowness in developing the necessary legal framework.

In addition, the Commission will continue to fight against fraud; not only obvious fraudsters, but also ICO organizers who failed to register are caught in the attention of the regulator.