Hester Peirce, one of five commissioners on the U.S. Securities and Exchange Commission (SEC) and an outspoken supporter of cryptocurrencies, is urging lawmakers and regulators to provide clarity on the situation with digital assets.
In an interview with Cointelegraph at the Permissionless II conference in Austin, Texas, on September 11, Peirce said that when she joined the SEC in 2017, she did not expect that the SEC would be “unprecedented” in finding solutions to the cryptocurrency regulatory framework. So far behind.” 2018. She noted that countries such as Switzerland and Singapore appear to be leading the way in global cryptocurrency regulation, but said they were largely incomparable to the situation in the United States.
“I don’t see a lot of changes for the better,” Pierce said. “There are really a lot of people in the agency who are very knowledgeable about cryptocurrencies, both in FinHub and across the department. People here are actually very knowledgeable, and I think that has changed during my time here.”
Under the leadership of Chairman Gary Gensler, the Securities and Exchange Commission (SEC) has received a lot of criticism from industry leaders, regulators and lawmakers, and has often been accused of taking a “mandatory regulatory” approach to digital assets. As of the time of publication, the commission is embroiled in civil lawsuits against cryptocurrency companies Coinbase, Binance, and Ripple, and has yet to approve the listing of a spot Bitcoin (BTC) exchange-traded fund (ETF) on the U.S. market. In August, Grayscale Investments won an appeal against the SEC’s rejection of its spot ETF application, which could lead to a review.
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Peirce said she could not comment on any specific court cases involving the SEC but urged crypto industry bodies to communicate with the commission on how to move forward. She hinted that the agency might “change its mind” on cryptocurrency-related policies:
“Don’t give up on America. This too shall pass, and the chaos shall pass. America is a great place to build things, and I hope it stays that way. But come up with very specific ideas, […] Think about the specific ways you need clarity. “
As of the time of publication, SEC attorneys are meeting with counterparts from Binance.US at a court hearing in Washington, D.C., to discuss a motion regarding the need to expedite discovery in civil proceedings. Ahead of the hearing, Binance CEO Changpeng Zhao announced that Binance.US CEO Brian Shroder is taking a “well-deserved break” from the cryptocurrency company amid reports that other executives at the exchange have departed .
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