During a recent appearance on Bloomberg TV, pro-crypto Republican Commissioner Hester Peirce stated that the agency is not going to wait for Congress to enact specific legislation. Peirce claims that a lot of work can be done under the agency's existing authority. She stressed that the SEC had been working since January on providing guidance about the application of existing securities laws within the cryptocurrency sector. Last month, the US Senate Banking Committee released a draft version of the landmark crypto market structure bill, which has drawn some criticism from industry players, including blockchain company Ripple, for giving the SEC too much power. Peirce has stressed that the market structure bill is "a very sophisticated piece of legislation to work out." She added that the SEC is "happy to work with people in both the House and the Senate" to make sure that the legislation will help to guide the shaping of the industry. Project Crypto As reported by U.Today, SEC Chair Paul Atkins recently announced the launch of "Project Crypto," which is meant to make securities laws more modern. Peirce has stressed that "Project Crypto" is "going very well." "It's going very well. We're working very collaboratively with staff all across," she said. The pro-crypto commissioner has added that the SEC is currently holding meetings with various industry leaders. Coordination with CFTC The aforementioned market structure bill is meant to clarify jurisdictional boundaries between the SEC and the CFTC. Peirce has stressed that the two sister agencies have "a good relationship." "We've worked with them. I personally have worked with the CFTC over the years on a number of issues…We're coordinating with the CFTC on moving forward on those recommendations," she said.