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Hester Peirce Believes Crypto Businesses Ought To Not Give Up On The US Despite The SEC Being Involved In Legal Battles

2023-09-19 16:26:40

In her five years of service at the SEC, the regulator stated she had observed a rise in the understanding of and interest in digital assets, but overall, penalties had remained relatively unchanged.


Hester Peirce, one of the five people who serve on the Securities and Exchange Commission (SEC) of the United States and a vocal supporter of cryptocurrencies, has pleaded with lawmakers and regulatory agencies for clarification on digital assets. On September 11, Peirce told Cointelegraph during the Permissionless II symposium in Austin, Texas, that she had not anticipated the SEC to be this much down in developing a system for regulating crypto since she joined the agency in 2018. She cited Switzerland and Singapore as two nations that appeared to be setting the worldwide standard for cryptocurrency rules, but she claimed that these nations were not generally comparable to the US.

Peirce continued, “I have not witnessed a great deal of change for the better lately. There are many employees at the agency who are knowledgeable about cryptocurrencies, regardless of whether they work in FinHub or in other divisions. There are some there who are truly highly educated, and since I've been there, I believe that has shifted.”

Over the direction of Chair Gary Gensler, the SEC has been under fire from politicians, regulators, and members of the business community for what is known as a control-by-punishment attitude to digital assets. At the time of publishing, the commission was yet to authorize a spot Bitcoin exchange-traded fund (ETF) for registration in U.S. markets and was involved in civil lawsuits against the cryptocurrency companies. A review could be conducted after Grayscale Investments' victory in a lawsuit lodged against the SEC's denial of its request for a spot ETF in August.

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Peirce pointed out that she was unable to comment on any specific court case concerning the SEC but advised organizations active in the cryptocurrency sector to get in touch with the securities regulator to discuss the next steps. She made a suggestion that the organization might change its mind on its crypto-related policies. At the time of release, attorneys from the SEC and an exchange were conferring in a courthouse in Washington, D.C., about a move for accelerated production in the civil case. After the famous Binance exchange announced that there was a hearing. As news of other managers leaving the exchange spread, their US CEO Brian Shroder announced he was taking a well-deserved vacation from the cryptocurrency company.

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