US Securities and Exchange Commission (SEC) commissioner Hester Peirce, in a statement on Twitter, today the SEC’s cryptocurrency criticized for opening 20 new positions to the executive team.
Hester Peirce Criticizes SEC’s Latest Cryptocurrency Decision
Peirce said the following on the subject in his statements:
“The SEC is a regulatory agency with an enforcement body, not an enforcement agency. Why are we pioneering enforcement in the cryptocurrency space?”
As we reported this morning, the SEC announced that it has increased the number of employees in its newly named “Crypto Assets and Cyber Unit (formerly Cyber Unit)” from 30 to 50.
The SEC is a regulatory agency with an enforcement division, not an enforcement agency. Why are we leading with enforcement in crypto?
— Hester Peirce (@HesterPeirce) May 3, 2022
The SEC has stated that the purpose of the new unit, which will work under the Enforcement Department, is to “protect investors from the cryptocurrency markets and cyber-related threats.”
SEC chairman Gary Gensler said in September that he had plans to expand the unit’s headcount.
crypto and bitcoin Known as the “crypto mom” in the crypto world for being friendly, Peirce has long been critical of Gensler’s enforcement-heavy approach to regulation. Gensler is content with imposing punitive actions rather than revealing details about how crypto companies will comply with regulations.
Tom Emmer, co-chairman of the Congressional BlockChain Group, who previously criticized the “overregulation” of the crypto industry, retweeted this tweet, likely to join Peirce’s criticism of the SEC.
Responding to a question on Twitter, Peirce also said that US President Joe Biden is not part of the intergovernmental Working Group on cryptocurrencies set by an executive order issued in March.
*Not investment advice.