The Securities and Exchange Commission (SEC) seems to be going after crypto companies. Industry players find that the regulator is putting in place inappropriate and exaggerated regulatory measures. They accuse the SEC of not providing clear answers to their major concerns. Recently, a member of the SEC was also outraged at the way the federal agency regulates the crypto sector.
The SEC is not taking a sound approach to regulating crypto
Hester Peirce, an SEC commissioner, recently spoke about how the regulator regulates cryptos. In a article of Decrypt, she said the SEC treats crypto improperly. She explains that initially regulators believed the new industry would be short-lived. They then wondered:Why invest resources in developing some sort of framework for something that isn’t going to stick? ».
The commissioner explained that this assumption led the SEC to adopt an approach that goes against the way it usually works. The agency then proceeded to apply exclusively isolated actions concerning the regulation of the crypto sector. “Usually when we write a rule, we come out with a proposition “said Hester Peirce.
The commissioner added:People talk to the regulator, we talk to the public. It’s a very healthy conversation“. But, so far, the SEC is not interacting with crypto companies in a healthy way. What she does is impose one’s policy unheard of to each of the crypto companies. However, it should rather seek to collaborate with the whole industry.
According to Commissioner Peirce, this is not the right way to regulate
The current chairman of the SEC has always declared that the agency does not treat crypto differently from other sectors. Indeed, Gary Gensler has often asserted that he is willing to respond to criticism of SEC policies. He encourages cryptocurrency companies to “open trade »if they are dissatisfied with the regulations put in place.
But, for SEC Commissioner Hester Peirce, “no one else is in the room. It’s a dialogue of the deaf“. “Customers are not in the room. The competitors are not in the room. And the regulator has the upper hand because they are about to take enforcement action. It’s just not a good way to regulate“, she said.
SEC Commissioner Hester Peirce argues that the federal agency treats crypto in a way agressive, while no other sector is treated in this way. According to her, contrary to what the chairman of the SEC often states, the regulator imposes its policy on crypto companies.
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