WASHINGTON: A clear cryptocurrency regulatory regime is urgently needed as major companies like Tesla, BNY Mellon and Mastercard embrace the alternative asset class, a top Securities and Exchange Commission official said.
"It's not only that there have been calls for clarity for some time and that a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look," she said. "That adds to the urgency of us taking some sort of action in this area to provide more clarity," said Peirce.The market was plunged into crisis last month when Reddit users trading on low-cost retail platforms banded together to drive up the prices of GameStop and other stocks, squeezing hedge funds that had bet against those shares.
The incident sparked outrage among lawmakers on both sides of the aisle. Vlad Tenev, CEO of trading app Robinhood, Ken Griffin, CEO of hedge fund Citadel LLC and others involved in the saga will testify before Congress on Thursday.