The SEC Commissioner Criticizes Lack of Engagement
U.S. Securities and Exchange Commission (SEC) commissioner Hester Peirce criticizes the agency for making little public engagement.
Poor Response to Public Concerns
During a speech, Peirce says that those who approach the securities watchdog with their concerns more often fail to get the response that they need.
– Productive interactions with the SEC are less frequent
– People are met with silence, shrugs, and slow-walking
– Not getting the feedback or answers they seek
– Staff discouraged from engaging in meaningful discussions
– Changes in the SEC’s culture affecting public interactions
Fear of Unproductive Meetings
Peirce raises concerns that meetings with the SEC may be unproductive and inadvisable, as the agency’s strict views on crypto create fear of enforcement actions.
– Some fear disclosing information during market stress
– Apprehension about subsequent rulemaking based on discussions
– People deterred from engaging in conversations with the SEC
– Perception of the SEC as an obstacle rather than a facilitator of dialogue
Encouraging Open Dialogue
Peirce emphasizes the importance of fostering constructive conversations between the SEC and the public to address regulatory concerns and promote innovation.
– Promoting transparency and engagement
– Building trust by encouraging open dialogue
– Providing clarity on regulatory frameworks
– Creating a conducive environment for innovation and growth
– Demonstrating the SEC’s commitment to understanding industry dynamics
Hot Take: Rethinking Public Engagement
U.S. Securities and Exchange Commission (SEC) commissioner Hester Peirce highlights the need for the agency to improve its public engagement practices to promote transparency, foster dialogue, and address regulatory concerns effectively.
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