Pierce argued the Howey test — which is the determinant if an asset is a security or not —isn’t well-suited for digital currencies or assets. She said the basic logic doesn’t comply with the physical assets’ system.
The “crypto mom” explained the SEC will be considering ways on how and whether to adjust her proposed safe-harbor policy. She added she hopes she can get a chance to work with the upcoming SEC chairman Gary Gensler to solve this puzzle.
“I don’t know how it will all play out. And again, I have a lot to learn from what’s going on in Europe, Asia, and the Caribbean. You know, there are a lot of places are taking much more forward-looking approaches than we and by ‘forward-looking’, I mean really trying to provide some clarity.”
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