Hester Pierce, the US Securities and Exchange Commission (SEC) who has been dubbed the “Mother of Crypto” for her positive stance on cryptocurrencies, said that New York Mellon’s plans for cryptocurrency make it more urgent for US regulators to take action and achieve More regulatory clarity towards the crypto market.

This is what many leaders in the crypto industry agree with, with many of them stating that more clarity is urgently needed to increase the uptake of cryptocurrencies.

Earlier this week, we reported on the Arab Bitcoin website that New York Mellon Bank, the investment bank that manages $2 trillion in assets, announced earlier this week that it would add crypto to its asset management services.

Read:The SEC is focusing heavily on the cryptocurrency arena and the backlash against it from the crypto community

Referring to the announcement, Hester Pierce told Reuters:

This increases the urgency for us to take some kind of action in this area to provide more regulatory clarity.

Tell Andrew Kessler, chief technology officer and co-founder of the blockchain-based business Zenotta:

The decision by New York Mellon Bank was significant to the custody services providers.

But the lack of regulatory clarity means that this is unlikely to stimulate much appetite for digital assets.

For the record, the US Securities and Exchange Commission had earlier declared war on many large crypto projects, including the war on Ripple.

Andrew Kessler added in his statement:

As regulations become clearer, interest in Bitcoin should rise.

We will see a lot of FOMO sentiment among other US banks that will speed up tracking their digital asset roadmaps.

Jay Hirsch, managing director of eToro, USA, stated that better infrastructure and regulatory clarity were obstacles for many institutions to start investing in Bitcoin, telling the following:

The OCC stated last year that nationally accredited banks could hold cryptocurrencies on the condition of clarity, so it was only a matter of time before a major bank made this kind of announcement.

Read:Explain how to obtain a bank card that supports digital currencies within the Arab world

A call to action on regulating the crypto market:

Pierce’s call for regulation of the crypto market, if shifted from theory to action, will further clarify regulatory policy toward the crypto market, providing assurances for institutions that are mindful of potential regulatory risks.

Pierce has long advocated some kind of regulatory safe haven for decentralized finance projects.

But nothing yet.

The US government is slow when it comes to cryptocurrencies.

However, the new US administration could take a breather and inject new blood into the SEC and make it more open to crypto ventures.

Pierce said:

Not only calls for regulatory clarity, but also the opportunity to take a fresh look.

I told Pierce the organizers weren’t doing a good job

As she stated in early September 2020, referring to the United States’ regulatory stance toward cryptocurrencies:

Read:Ethereum is nearing $5,000 and transaction fees are skyrocketing

The bureaucracy is tough, it’s really hard to get anything done.

Hope looms:

Seamus Donoghue, Vice President of Sales and Business Development at METACO, said:

Regulatory barriers appear to be falling rapidly in all jurisdictions, even in the United States, which historically lagged behind Europe only until recently.

Even the most sober of conservative firms is now comfortable with the prospect of regulatory clarity to participate in the cryptocurrency markets.

Cryptocurrency firms will have to work alongside policymakers in Washington and not just the New York financial institution to come up with clearer laws and regulations.

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