The post Crypto News: NFTs May Escape SEC Securities Regulations, Commissioner Peirce Weighs In appeared first on Coinpedia Fintech News
Hester Peirce, a senior commissioner and head of the Crypto Task Force, at the U.S. Securities and Exchange Commission (SEC), has hinted that NFTs could be the next major crypto asset class to receive regulatory clarity. Peirce, a known advocate for crypto, indicated that the SEC may exempt certain types of NFTs from securities regulations, especially those used by companies for fundraising.
As reported by Sander Lutz of Decrypt, Peirce specifically mentioned projects like Stoner Cats and Fly Fish Club as examples of NFTs that the SEC could carve out from securities regulations. Both projects raised millions of dollars through the sale of membership NFTs before facing legal action from the SEC during the Biden administration.
This development comes on the heels of the SEC’s recent efforts to provide more clarity around crypto mining and meme coins, stating that these activities do not fall under securities regulations. With NFTs emerging as the next logical step, many see this as a positive sign for the industry. Industry experts are positive, with some suggesting that the SEC’s evolving stance could signal a more crypto-friendly regulatory environment.
At a recent meeting, Peirce criticized the SEC’s past approach, calling it unfair, and stressed the need for fair regulation. She suggested that elections can impact regulatory policies, hinting that the SEC might change its stance on crypto. Her comments offer hope for a more transparent and balanced way of regulating digital assets.
She said, “Spring signifies new beginnings, and we have a restart here, of the Commission’s approach to crypto.”