‘Crypto mom’ opposes SEC’s fine on BarnBridge DAO
SEC Commissioner Hester Peirce, also known as ‘Crypto mom’, has voiced her opposition to the $1.7 million fine imposed by the SEC on BarnBridge DAO. The decentralized autonomous organization and its founders were fined for failing to register their SMART Yield bond offerings, which are a type of structured crypto asset security.
Peirce criticizes SEC’s decision
Peirce criticized the SEC’s decision and its impact on the cryptocurrency sector in the United States. She expressed her dissenting vote against the enforcement action. Peirce’s stance has gained support from crypto enthusiasts on Twitter, who see her as a potential future chairperson of the SEC. She highlighted the imprecise legal reasoning in crypto cases by the SEC, which adds to the uncertainty for crypto projects in the US.
Gensler emphasizes non-compliance
SEC Chairman Gary Gensler has pointed out the issue of non-compliance within the cryptocurrency sector. He mentioned that this trend erodes public trust and makes it difficult for legitimate actors to compete. Peirce has advocated for more progressive regulatory measures in the crypto space and has expressed frustration over the delayed approval of Bitcoin ETFs by the SEC.
Hot Take: Peirce’s opposition raises questions about SEC’s approach
SEC Commissioner Hester Peirce’s opposition to the fine imposed on BarnBridge DAO highlights her critical view of the SEC’s approach to cryptocurrency regulation. Her dissenting vote and criticism of the SEC’s legal reasoning in crypto cases have garnered support from crypto enthusiasts who see her as a potential future chairperson of the SEC. Peirce has been a vocal advocate for a more consistent regulatory framework for cryptocurrencies, emphasizing that litigation is not the most effective way to regulate the industry. The SEC’s Chairman Gary Gensler’s focus on non-compliance further underscores the need for clearer regulations and enforcement actions in the crypto space.
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