Crypto-friendly commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, said there’s a rise in demand for cryptocurrency as investors seek to diversify their portfolios. The commissioner has been a fanatical proponent of the SEC approving bitcoin exchange-traded funds (ETFs).

Growing Interest for Cryptocurrency

SEC Commissioner Hester Peirce, also known within the crypto community as “Crypto Mom,” talked about cryptocurrency and digital dollars during a livestream discussion with Crypto Finance Conference St. Moritz on Tuesday. Noting that the covid-19 pandemic has affected all industries, including cryptocurrency, she said:

We’re seeing more interest coming from institutional quarters than we’ve within the past. i feel which will continue … as people are looking to diversify their portfolios, i feel people also are likely to seem more to the crypto space.‏‏‎

She elaborated, “As people are easier working during a virtual world in every industry now, i feel people are likely to show more interest to the crypto space.” Peirce previously said even before the coronavirus pandemic that one major advantage of the cryptocurrency industry was that it brings together people from across the planet and helps them work together virtually. Industry participants don’t need to be within the same place to be working together.

SEC Commissioner Sees Increasing Demand for Cryptocurrency

Peirce was sworn in as an SEC commissioner on Jan. 11, 2018; her term is thanks to expire on June 5. She has consistently supported the thought of the SEC approving bitcoin exchange-traded funds but thus far the SEC has not approved any. In May last year, she said the time was already right for the commission to approve a bitcoin ETF. In February, she announced her Token shark repellent Proposal to fill the gap between regulation and decentralization.

Commissioner Peirce on Digital Dollars

Peirce also talked about digital dollars during the livestream. She said that the topic has drawn more interest to cryptocurrencies and more people are now asking questions on crypto. Noting that “It’s helpful for people to believe the positives and negatives of getting it’s a government-issued versus a private-issued currency,” she opined:

i will be able to say that i feel that the thought of a government cryptocurrency, a digital dollar or something like that, is extremely different than a number of the items that we’re talking about with crypto and blockchain and therefore the private sector, but it’s helpful to urge people brooding about this stuff .

However, the commissioner cautioned: “You got to believe privacy issues if you’re creating some kind of digital currency. i feel that’s a very important question for a society to ask because people don’t really feel comfortable with the govt or anybody else monitoring their transactions.”

The Federal Reserve System has been studying the prospect of issuing a digital dollar, particularly to compete with Facebook’s Libra cryptocurrency and China’s financial institution digital currency. However, Fed Chair Jerome Powell has repeatedly said that the Fed has no interest in issuing a digital dollar immediately . In March, the term “digital dollar” was included in proposed stimulus bills.


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