Biden SEC Official Says It’s Time To Regulate Cryptocurrency

( Bad news for cryptocurrency investors…President Joe Biden is focusing his government on implementing new regulations that could impact the dramatic growth of the alternative currency following months of price booms.

Hester Peirce, a commissioner from the United States Securities and Exchange Commission, said during a recent interview with Reuters that there must be new, “clear” cryptocurrency regulations.

The news comes as big companies like Tesla and Mastercard begin investing in the currency. Tesla, the electric vehicle company owned by Elon Musk, purchased $1.5 billion in Bitcoin at the beginning of February, helping prices spike. Bitcoin reached an all-time high this week, passing $50,000 for the first time.

“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,” Peirce said. “That adds to the urgency of us taking some sort of action in this area to provide more clarity.”

Peirce has long maintained her focus on crypto, and she is known in finance and investment circles as “Crypto Mom.”

Speaking to Reuters, she suggested that the new Biden administration may help implement new regulations as the currency booms in value.

Following Tesla’s decision to invest in the currency, Mastercard announced that Bitcoin would soon be integrated into its financial services. It means that Bitcoin may soon be used as a normal currency, allowing people to easily make payments and receive transfers without converting into conventional currencies like the U.S. Dollar.

Treasury Secretary Janet Yellen also has her eye on the currency and new regulations. Senator Cynthia Lummis from Wyoming, who supports the use of cryptocurrencies, told Anthony Pompliano, a crypto hedge fund professional, that Yellen was planning new regulations. Senator Lummis recently launched a Financial Innovation Caucus to educate other members of Congress on digital assets.

The questions now are…how quickly will the Biden administration act, and how damaging will these new regulations be?