Hester Peirce Does Not Back Expansion of the Crypto Assets and Cyber Unit
The SEC commissioner Hester Peirce has criticised the agency for its decision to allocate more staff to the Crypto Assets and Cyber Unit, the division tasked with protecting investors in crypto markets and guarding against cyber threats.
The SEC is a regulatory agency with an enforcement division, not an enforcement agency. Why are we leading with enforcement in crypto?
— Hester Peirce (@HesterPeirce) May 3, 2022
Earlier the Commission allocated 20 additional positions to the division responsible for investor protection in crypto markets and against cyber threats. According to Peirce, the SEC is ‘a regulatory agency with an enforcement division, not a law-enforcement body’.
— Tom Emmer (@RepTomEmmer) May 3, 2022
Her position on strengthening the Crypto Assets and Cyber Unit was backed by Rep. Tom Emmer, a member of the Blockchain Caucus. In August 2021 he urged shielding crypto companies that do not custody user funds from potentially burdensome regulation.
In October 2021 Peirce called for the regulator to engage with industry participants to creation of a ‘sensible regulatory framework’. Later she criticised SEC chair Gary Gensler for his stance on crypto.
— Hester Peirce (@HesterPeirce) October 15, 2021
In February 2022 Peirce saw a threat to DeFi platforms in amendments to the Securities Act.
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