Cryptocurrency regulation

The adoption of bitcoin by big companies requires clear regulations to be implemented as soon as possible, US Securities and Exchange Commission (SEC) Commissioner Hester Peirce told Reuters in an interview.

In her view, authorities must create regulations for the cryptocurrency industry that would allow it to flourish.

Earlier, The Bank of New York Mellon, the oldest bank in the United States, announced that it would expand its list of services with bitcoin and other digital assets. Hester Peirce noted that this adds urgency to the regulatory issue.

It is worth noting that in December 2020, the SEC commissioner questioned the ability of the existing regulatory framework to accommodate cryptocurrencies and called for a more innovative approach.

However, in the same month, Peirce said regulators should do away with redundant regulations on the industry and decentralised finance sector.

Also in February 2021, Elon Musk's Tesla invested $1.5 billions in bitcoin.

Mastercard has promised to introduce direct support for cryptocurrencies in 2021, and financial holding company JPMorgan Chase has said it is ready to add trading in digital assets if there is demand.