SEC Commissioner Hester Peirce is continuing to express her dissent at what her regulatory agency is doing to crypto under the charge of Chairman Gensler.
A regular dissenter
On several occasions now Commissioner Peirce has felt obliged to publicly voice her dissent at what she sees as her agency’s failures in regards to the cryptocurrency sector.
Peirce is now in her second term as one of the five commissioners for the SEC, a term which is due to expire in 2025. She is generally known to be very much her own person as regards SEC decisions, and has been a sole objector on several votes now.
The crypto sector is one in particular where Peirce finds much fault with the Securities and Exchange Commission. She accuses her own agency of being “hostile to crypto” and of being “lazy and paternalistic”, saying that the agency could not be bothered to update its registration process and actually make it “workable” for those trying to register.
Regulatory bullheadedness
In her latest statement against “amending the definition of exchange”, publicly available on the SEC website, Peirce does not mince her words when she accuses Chair Gensler of causing “stagnation, centralisation, expatriation, and extinction”.
Peirce starts by outlining how 30 years ago, the SEC was faced with the challenge of regulating exchange innovation that was outside of the securities rules of the era. She said:
“faced with a choice between fostering innovation or stifling it with an inflexible and expansive interpretation of the statutory definition of “exchange,” the Commission chose innovation.”
She went on to comment on today’s SEC as not being able to “think creatively” in order to encourage innovation, but that instead, its “regulatory bullheadedness” often caused “absurd consequences”.
She commented:
“today’s Commission aggressively expands its regulatory reach to solve p
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Author: Laurie Dunn
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