Securities and Exchange Commission Hester Peirce publicly denounced Obvious crypto regulation by her agency enforcement, asking if a “hostile” regulator is the best solution for the industry.
Peirce, who was appointed commissioner by President Trump in 2018, said in a statement Thursday that he disagrees with the SEC’s claim that closing cryptocurrency exchange Kraken’s staking program was a “win for investors.” rice field.
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The SEC lawsuit against Kraken was resolved without an admission or denial of wrongdoing, alleging that the exchange was involved in offering and selling unregistered securities through a cryptocurrency lending platform. Peirce said it wasn’t a major issue.
“Whether or not you agree with that analysis, the more fundamental question is whether SEC registration was possible,” Peirce wrote. It hasn’t gone through the pipeline.”
What Perth Was Going For Without Directly Mentioning SEC Chairman Gary Gensler coin base CEO Brian Armstrong listed on wednesday Night as the SEC’s “Regulation by Enforcement.”
“Using enforcement action to tell people what the law is in an emerging industry is not an efficient or fair way of regulation,” Peirce wrote.
Gensler, lawmakers and the White House are calling for stronger regulation of the crypto industry. However, Gensler and the SEC enforcement branch under his control are far more aggressive than the Department of Justice and policy makers in trying to bring down the cryptocurrency industry.
and press release When announcing the Kraken settlement, Gurbir Grewal, the SEC’s director of enforcement, said the action was intended to shrink companies “whose investors lack something worthy of disclosure and who would be harmed if they did not receive it.” step.
Peirce, who contested the enforcement action, indirectly contested the premise of that argument.
“But most concerningly, our solution to not registering violations is to completely shut down programs that have served people well,” she wrote. However, it is less clear whether a unified regulatory solution is needed and whether that regulatory solution is best delivered in the form of enforcement action by crypto-hostile regulators.”
