Hester Peirce says the SEC chairman’s regulatory program doesn’t cover crypto clarity
“The agenda – thanks to the silence on cryptocurrency – suggests that the market can expect more questions about the application of our securities laws in an increasingly attractive sector. This is the interest of investors, ”said two members of the Securities and Exchange Commission.
Hester Pearce, an agent of the US Securities and Exchange Commission, known to many in the industry as the Crypto Mother, opposes the regulator’s program, which does not include clarification of financial documents.
In a joint statement on Monday, Pierce and SEC Commissioner Elad Roizman said they were “disappointed” by the content of Chairman Gary Gensler’s regulatory agenda, which did not include elements to help companies raise capital by strengthening investor protection and recently released by the committee. the adopted rules should be canceled and clarifications on cryptocurrencies should be provided. According to the two regulators, Gensler’s insecure stance on digital assets could create problems for companies wishing to work in the sector.
“Rather than taking on the daunting task of formulating rules that allow investors and regulated companies to interact with digital assets, including digital asset securities, the Agenda chapter suggests – through crypto silence – that the market keeps asking Introduction Pierce and Roisman said the Securities Act is gaining increasing attention in the sector. “This silence encourages fraudsters and discourages conscientious participants from trying to obey the law.”
According to the latest regulatory data, the SEC will be busy in the coming months but will not function as expected: https://t.co/QPQGKN91gL
– Esther Pierce (@HesterPeirce) December 13, 2021
The couple added that the proposed regulatory framework is delaying changes in how it validates the flow of information associated with transactions – possibly including cryptocurrencies – and the people behind the transactions. Delaying action on these safeguards makes “investor data vulnerable,” Pierce and Roisman said.
On the subject: SEC Commissioner: DeFi Needs To Solve The Problem Of Transparency And Aliases
Gensler, who has chaired the Securities and Exchange Commission since April, has made numerous public statements advising cryptocurrency companies to “step in and voice any concerns about token projects.” In August, Cointelegraph reported that Gensler hopes to make changes to cryptocurrency-related policies in token offering, decentralized financing, stablecoins, custody, exchange-traded funds, and the lending platform.
As a key regulator of financial products in the United States, the SEC has been widely accused of obstructing the introduction of exchange-traded funds or ETFs related to cryptocurrencies. Although the regulator recently approved Bitcoin Open Futures (BTC) ETFs from investment managers ProShares and Valkyrie, it has yet to give the green light to other crypto ETFs.