Hester Peirce criticises SEC chair over cryptocurrency stance

SEC commissioners SEC Hester Peirce and Elad Roisman said they were disappointed with the content of программы in the regulatory agenda for the agency’s chair Gary Gensler. The criticism was triggered by the lack of clarity on digital assets.

The latest regulatory agenda shows that the SEC will be busy in the upcoming months, but it won’t be working on the right things: https://t.co/QPQGKN91gL

— Hester Peirce (@HesterPeirce) December 13, 2021

Peirce and Roisman noted that the document did not include provisions aimed at helping companies raise capital and strengthening consumer protection.

“Instead, the agenda is full of plans to rewrite recently completed rules, add new regulatory obligations … The program also does not advance our mission to protect investors, as it fails to provide clarity on the regulation of digital assets,” the commissioners said.

They pointed to the SEC’s reluctance to take on “the hard task of crafting rules that enable investors and regulated entities to interact with digital assets.”

“Such silence invites fraud and hinders legitimate participants who want to comply with the law,” the statement said.

Earlier, Gensler to bring clarity to the regulatory framework for the crypto industry. In his view, the legal framework is needed for digital assets to survive.

In the summer, the SEC chair warned of tighter regulation of stablecoins and DeFi.

Later the official acknowledged thatcryptocurrencies have a future, but only in an “environment of trust.” He alsoconfirmed his intention to take tougher measures to protect investors and urged crypto exchanges to work with the SEC.

Earlier in October, Peirce said that the Commission should engage with industry participants to create a sensible regulatory framework.

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