Remarkable Statement from SEC Member on Cryptocurrencies

an SEC Commissioner, SECHe said that crypto regulation hasn’t done enough and is lagging behind in this area. with the Securities and Exchange Commission cryptocurrency The star of the industry has never reconciled.

SEC’s Hester Peirce: “The Cryptocurrency Regulatory Path Is Not Good”

The federal agency has taken a tough stance against the new industry for years. Cryptocurrency imposes occasional sanctions against its companies. But it offers little in terms of a coherent regulatory policy that crypto projects can turn to for guidance.

Industry leaders have long accused the SEC of taking an unfair and unreasonable approach to crypto regulation. Now one of the SEC’s own members is saying the same thing.

SEC Commissioner Hester Peircebelieves his institution is treating crypto differently from other industries with an aggressive approach that deviates from the institution’s typical regulatory pattern.

“Crypto is treated differently,” Peirce said in an interview. He explained that many regulators see this as a temporary distraction, not a flourishing revolution.

“What initially drove this was the feeling that crypto would probably not stay in the market,” Peirce said. “Why should we invest resources to develop some kind of framework for something that won’t stay,” he said.

According to Peirce, this condescending attitude led the SEC to adopt a purely individual sanctions approach to crypto. But such a strategy runs counter to how the organization usually establishes rules and standards.

current chairman of the SEC Gary Genslerhas repeatedly stated that crypto is not treated differently from other markets in its jurisdiction.

Also, while responding to criticism of crypto policies, he tried to put the blame on crypto companies, trying to persuade them to come and discuss the issue if they were not satisfied with the regulations that were created.

*Not investment advice.