SEC embroiled in court cases; Hester Peirce says crypto firms shouldn’t give up on US
Hester Peirce, among 5 commissioners with the United States Securities and Exchange Commission (SEC) and an outspoken proponent of crypto, has urged lawmakers and regulators for clearness on digital assets.Speaking to Cointelegraph at the Permissionless II conference in Austin, Texas on Sept. 11, Peirce said she wouldnt have expected the SEC to be “this far behind” in discovering a solution for a regulatory structure on cryptocurrencies when she joined the commission in 2018. She pointed to countries like Switzerland and Singapore as seemingly ahead of the curve on crypto guidelines globally but said they mainly couldnt be compared to the situation in the United States. “I have not seen a lot of changes for the better,” stated Peirce. “You do have a great deal of individuals who understand quite a bit about crypto at the firm, whether thats in FinHub or throughout the departments. You have individuals who are actually rather experienced, and I believe that has actually changed in the time that Ive existed.” Commissioner Hester Peirce (2nd from right) speaking to policymakers at Permissionless II on Sept. 11. Source: CointelegraphThe SEC, under the leadership of Chair Gary Gensler, has taken a great deal of criticism from market leaders, legislators and regulators, often being accused of a “policy by enforcement” technique to digital properties. At the time of publication, the commission was embroiled in civil actions against crypto firms Coinbase, Binance and Ripple and had not authorized a spot Bitcoin (BTC) exchange-traded fund (ETF) for listing in U.S. markets. In August, Grayscale Investments won an appeal versus the SECs rejection of its area ETF application, which might lead to a review.Related: Stoner Cats NFTs are fan crowdfunding, not securities– SECs Peirce, UyedaPeirce stated she might not talk about any particular lawsuit including the SEC but advised organizations associated with the crypto industry to communicate with the commission on how to move on. She hinted that the agency could have a “change of mind” over crypto-related policy: “Dont give up on the United States. This too will pass, the confusion shall pass. The United States is a great place to develop things, and I desire it to stay that way. Come forward with really concrete concepts, [ …] be thinking about concrete methods that you need clearness.”At the time of publication, legal representatives with the SEC were consulting with their counterparts at Binance.US in a Washington D.C. courtroom hearing going over a movement on the need for expedited discovery in the civil match. The hearing followed Binance CEO Changpeng Zhao announcing Binance.US CEO Brian Shroder was “taking a deserved break” from the crypto firm amidst reports other executives at the exchange had departed.Magazine: Crypto policy: Does SEC Chair Gary Gensler have the last word?
Hester Peirce, one of 5 commissioners with the United States Securities and Exchange Commission (SEC) and an outspoken advocate of crypto, has advised legislators and regulators for clarity on digital assets.Speaking to Cointelegraph at the Permissionless II conference in Austin, Texas on Sept. 11, Peirce said she would not have expected the SEC to be “this far behind” in finding a service for a regulative framework on cryptocurrencies when she joined the commission in 2018. In August, Grayscale Investments won an appeal against the SECs rejection of its area ETF application, which might lead to a review.Related: Stoner Cats NFTs are fan crowdfunding, not securities– SECs Peirce, UyedaPeirce stated she might not comment on any specific court case involving the SEC but advised institutions involved in the crypto industry to communicate with the commission on how to move forward. The hearing followed Binance CEO Changpeng Zhao revealing Binance.US CEO Brian Shroder was “taking a should have break” from the crypto company amid reports other executives at the exchange had departed.Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the last say?