United States Securities and Exchange Commission (SEC) Commissioner Hester Peirce, sometimes known as Crypto Mom because he supports the industry, said Tuesday at a conference hosted by the conservative-libertarian Federalist Society entitled “Managing the New Crypto Ecosystem: Necessary Regulation or Lame Future Innovation?” Long note – more than 4,000 words in the prepared version, which was expanded extemporaneously when he given it is – containing some of the bluntest criticisms of SEC policy he has made yet.
Peirce described the SEC’s stance toward the crypto market as a “refusal to participate” and suggested that the SEC’s refusal to date to approve Bitcoin traded on the spot (BTC) the product demonstrates the agency’s determination to hold everything related to Bitcoin to a higher standard than other products it manages.
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Peirce pointed orders did not agree to the ETP published last month as an example of the SEC’s “rational rejection of standards,” it demands a higher level of resistance to fraud and manipulation than that held by traditional markets. It’s hard to see how approval can be gained, Peirce said, and the agency’s position becomes more entrenched with each disapproval. Peirce added:
“Why is this important? Investors may prefer bitcoin ETP points over other options, and we need to care about what investors want.
Peirce continues this thinking because he considers people who don’t want to see cryptocurrency “dragged” into traditional financial regulatory structures. She argues:
“The concern for independence and personal autonomy that makes you choose‘ we-at ’over fiat is also a must [to] causing you to reject governments that arbitrarily restrict people’s investment choices.
Peirce attributed the SEC’s resistance to approving Bitcoin point products to a general reluctance to create a regulatory infrastructure for crypto. He pointed to a variety of initiatives that are recommended to move forward with regulation.
Messari co-founder and CEO Ryan Selkis, Center for American Progress corporate financial regulation and governance director Todd Phillips and Coin Center executive director Jerry Brito were panelists for the next discussion.
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