The SEC chairman’s regulatory agenda lacks clarity on crypto, says Hester Peirce

Hester Peirce, a commissioner for the United States Securities and Exchange Commission known to many in the industry as Crypto Mom, is breaking the regulator’s agenda for not providing clarifications about digital assets.

In a joint statement on Monday, Peirce and SEC Commissioner Elad Roisman said said They were “disappointed” that Chairman Gary Gensler’s regulatory agenda did not include items aimed at helping companies raise capital, promoting investor protection, reversing the latest rules passed by the Commission, and providing clarifications on crypto . According to the two regulators, Gensler’s insecure stance on digital assets can cause problems for companies looking to do business in this space.

“Rather than taking on the difficult task of formulating rules that enable investors and regulated entities to interact with digital assets, including digital asset securities, the Agenda signals – by keeping quiet about crypto – that the market is facing more issues Applying our securities laws in this area of ​​increasing investor interest, ”said Peirce and Roisman. “Such silence encourages fraudsters and hinders conscientious participants who want to obey the law.”

The latest regulatory agenda shows that the SEC will be busy for the coming months but won’t be working on the right things:

– Hester Peirce (@HesterPeirce) December 13, 2021

The couple added that the proposed regulatory framework is postponing changes to audit trails of information related to trades – presumably including crypto – and the people behind the transactions. According to Peirce and Roisman, postponing action on these safeguards makes “investor data vulnerable”.

Related: SEC Commissioner: DeFi needs to address transparency and pseudonymity

Gensler, who has served as the SEC chairman since April, has made numerous public statements Advising crypto companies Regarding concerns about token projects that may qualify as securities, “come in and speak”. Cointelegraph reported in August that Gensler was hoping Introduction of crypto-related policy changes all about token offers, decentralized financing, stablecoins, custody, exchange-traded funds and credit platforms.

As a major regulator for financial products in the United States, the SEC has been blamed by many for this Obstruction of the introduction of exchange traded funds, or ETFs linked to cryptocurrencies. Although the regulator recently approved ETFs with exposure to Bitcoin (BTC) Futures by investment managers ProShares and Valkyrie, has yet to give the green light for another crypto ETF.

Related posts

Insolvency fears led many to turn to other stablecoins, sell USDC at a major discount


In the US, public-private state associations form networks of support for crypto businesses


Google invests $300M in AI firm previously funded by Sam Bankman-Fried


Leave a Comment