United States securities and Exchange (sec) commissioner Hester Peirce stated the newly released SEC Agency rule list is full of “hot-button” topics implemented in an unreasonable hurry, while cryptocurrency was ignored.
Commissioner Peirce, who is sometimes referred to as Cryptocurrency Mom for her strong positive views on digital currency, released a statement concerning the SEC Spring 2022 regulatory Agenda and the SEC Agency Rule List.
Though the SEC list had no entries that made explicit reference to cryptocurrency, Perice pointed out that one of the proposed regulations, Amendments to Exchange Act Rule 3b-16, “might regulate cryptocurrency protocols or platforms through an unmarked backdoor.”
She went on to name four areas relating to cryptocurrency where regulatory clarity “would be appreciated.” Those included defining securities and issues related to custody, including the agency’s controversial Staff Accounting Bulletin 121.
Peirce likewise critiqued the agency’s agenda, saying that the SEC set forth “flawed goals and a flawed method for achieving them”, claiming the agency has focused on “hot-button matters outside our remit,” such as diversity, climate change and human financial resources management.
The agenda likewise reflects a “rush of radical rulemakings”, Peirce stated, with short comment periods and market participants forced to implement numerous regulations simultaneously.
“The agenda, if enacted, dangers setting off the regulatory version of a rip current — fast-moving currents flowing away from shore that can be fatal to swimmers. […] The pace and character of the rulemakings on this agenda make for dangerous conditions in our financial resources markets.”
Peirce is often the lone dissenting voice on the SEC board, particularly when it comes to cryptocurrency. She has criticized the agency for “leading with enforcement” and failing to provide the industry with regulatory guidance.
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