SEC Commissioner Hester Peirce Criticizes Agency’s Regulation of Crypto Industry
Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC), has once again voiced her concerns about the agency’s approach to regulating the cryptocurrency sector. Speaking at the Blockchain Association’s Policy Summit, Peirce argued that the SEC is pursuing enforcement actions against older cases “without clear rhyme or reason.” She questioned whether the SEC’s current registration model is suitable for the crypto industry. Peirce, often referred to as “Crypto Mom,” has previously criticized the SEC’s enforcement actions against blockchain-based projects and cryptocurrency exchanges. She believes that new ideas for regulation should be considered to prevent driving crypto companies out of the United States.
Peirce’s Past Dissent on SEC Enforcement Actions
Peirce has been vocal about her disagreements with the SEC’s enforcement actions in the crypto space. In her statement last month, she criticized the agency’s action against LBRY, a blockchain-based file-sharing payment network. Additionally, she dissented alongside Commissioner Mark Uyeda in August when the SEC took enforcement action against Impact Theory’s non-fungible token (NFT) sales. Earlier this year, Peirce also condemned the SEC’s decision to force Kraken, a cryptocurrency exchange, to eliminate its staking program and pay a $30 million fine.
Looking Towards New Ideas for US Regulation
Peirce believes that there may come a time when people question whether driving crypto companies out of the US is beneficial. She emphasizes the importance of being prepared with new ideas for regulating the industry when that time comes. As an SEC commissioner, Peirce aims to promote a regulatory framework that fosters innovation and growth in the crypto sector.
Hot Take: SEC Commissioner Advocates for Innovative Crypto Regulation
Hester Peirce, a commissioner at the US Securities and Exchange Commission (SEC), has once again criticized her own agency’s approach to regulating the cryptocurrency industry. Peirce argues that the SEC’s enforcement actions against older cases lack clarity and reasoning. She questions whether the current registration model is suitable for crypto companies. Peirce, known as “Crypto Mom,” has previously opposed the SEC’s enforcement actions against blockchain projects and exchanges. She believes that innovative regulatory ideas should be explored to prevent driving crypto companies out of the US. Peirce’s dissenting views highlight her commitment to promoting a regulatory environment that supports growth and innovation in the crypto sector.
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