SEC Commissioner Urges Regulatory Clarity on Digital Assets Amid Criticism and Legal Actions
Summary:
Hester Peirce, a commissioner of the United States Securities and Exchange Commission (SEC), calls for regulatory clarity on digital assets. Peirce highlights the SEC's slow progress in establishing crypto regulations and encourages collaboration with industry stakeholders. Meanwhile, the SEC faces criticism for its enforcement approach and ongoing legal actions against Coinbase, Binance, and Ripple. In a courtroom hearing, SEC lawyers meet with Binance.US counterparts.
Hester Peirce, a commissioner of the United States Securities and Exchange Commission (SEC) and a strong supporter of cryptocurrencies, has called for clearer regulations regarding digital assets. In an interview at the Permissionless II conference, Peirce expressed surprise at the SEC's slow progress in establishing a regulatory framework for cryptocurrencies since she joined the commission in 2018. While acknowledging countries like Switzerland and Singapore as pioneers in crypto regulations, she emphasized that the United States faces unique challenges. Peirce acknowledged the presence of knowledgeable staff within the SEC but noted a lack of substantial improvements. Under the leadership of chair Gary Gensler, the SEC has faced criticism for its enforcement-focused approach and ongoing legal actions against Coinbase, Binance, and Ripple. Additionally, the commission has yet to approve a spot Bitcoin exchange-traded fund (ETF) for listing in U.S. markets, although a recent legal victory for Grayscale Investments may bring about a review. Peirce refrained from commenting on specific cases but encouraged collaboration between crypto industry institutions and the SEC to find a way forward. She hinted that the agency may reconsider its crypto-related policies, urging stakeholders to present concrete ideas for clarification. Meanwhile, in a courtroom in Washington D.C., lawyers from the SEC and Binance.US engaged in a hearing discussing the need for expedited discovery in their civil suit. Binance CEO Changpeng Zhao recently announced that Binance.US CEO Brian Shroder would be taking a break, while reports surfaced of other executives leaving the exchange.
Published At
9/18/2023 9:36:43 PM
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