Hester Peirce: US SEC Chairman's Regulatory Agenda Fails to Include Clarity on Cryptocurrencies

U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce, dubbed the cryptocurrency mom by many in the space, is pushing back against the regulator's agenda for not being clear about digital assets.

In a joint statement on Monday, Peirce and U.S. SEC Commissioner Elad Roisman said their regulatory agenda for Chairman Gary Gensler failed to include features aimed at helping companies raise capital, further protecting investors, reversing the commission's recently passed rules and clarifying crypto "Disappointed" by the terms of the currency. According to the two regulators, Gensler's uncertain stance on digital assets could cause problems for companies seeking to operate in the space.

Peirce and Roisman said: "Instead of taking on the difficult task of creating rules to allow investors and regulated entities to interact with digital assets, including digital asset securities, this agenda, by remaining silent on cryptocurrencies - signals that the market can expect our The application of securities laws to this area of growing investor interest will continue to be questioned. This silence will embolden fraudsters and discourage conscientious players who wish to abide by the law."

The latest regulatory agenda shows that the US SEC will be busy in the coming months, but it will not be working hard on the right things

— Hester Peirce (@HesterPeirce) December 13, 2021

The proposed regulatory framework is delaying amendments related to audit trails of information surrounding transactions -- presumably including cryptocurrencies -- and the people behind them, the two added. According to Peirce and Roisman, delaying the adoption of these protections "leaves investors with data that is vulnerable."

Gensler, who has been chairman of the U.S. SEC since April, has made numerous public statements advising crypto companies to “come in and discuss” any concerns about token projects that might qualify as securities. Cointelegraph reported in August that Gensler wanted crypto-related policy changes around token offerings, decentralized finance, stablecoins, custody, exchange-traded funds, and the introduction of lending platforms.

The U.S. SEC, the leading U.S. regulator of financial products, has been accused by many of hampering the launch of cryptocurrency-related exchange-traded funds. While the regulator recently approved an ETF that holds bitcoin futures from investment management firms ProShares and Valkyrie, it has yet to approve another crypto ETF.

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