Constructive criticism. While the action of the Security and Exchange Commission (SEC) is widely criticized by part of the American crypto industry and by a large number of parliamentarians in Washington, we learn today that even internally, certain small hands of the institution seeks to dissociate itself from Mr. Gensler’s policies. A commissioner named Hester M. Peirce this week strongly criticized certain decisions of her own services and regretted choices that may seem arbitrary from an outside point of view. Made of punchlines well felt, the lady threw a stone into the pond and delighted the audience with the Blockchain Association’s Policy Summit. Return to a notable intervention.
Hester M. Peirce regrets a lack of logic in the actions of her department
A word first on the event organized by the American Blockchain Association which brought together on November 29 and 30 in Washington some of the political decision-makers, regulators and important players in the cryptocurrency industry to “promote a more open and democratic digital future for all”. Yesterday, around 11 a.m. in the federal capital, a conference entitled The SEC’s View with SEC Commissioner Hester M. Peirce as guest. And the least we can say is that this intervention caused a positive reaction from the audience.
The first criticism to be formulated by the commissioner was the choice of cases to investigate and companies to pursue, notably the example of LBRY. Extract :
“There doesn’t seem to be any particular logic or reasons for many of the cases we investigate. The SEC’s case against LBRY, a saga that ultimately ended with the content-sharing platform shutting down last month, was a particularly troubling example. I was truly heartbroken at the thought of us taking this matter to court. This was a project that had actually built a working blockchain, which was being used and there had been effort put into trying to launch it in a way that complied with securities laws. »
Hester M. Peirce, SEC Commissioner – Source: The Block
For her, this example marks a ” low point “ of the institution’s action and a blatant example of clearly unnecessary allocations of human and financial resources. Moreover, systematically bringing these cases before a court does not seem to him to be the most effective way of enforcing the regulations.
The allocation of resources and the choice of prosecutions in question
But now for his best statement which concerns the Stoner Cats, this collection of NFTs which represent cool and cute little cats consuming marijuana. Owning an NFT gave you the right to watch cartoons celebrating these slightly crazy felines and the success of this collection was dazzling. Issue ? For the SEC, this involved the sale of unauthorized financial securities. But for the commissioner, spending time and energy on this type of case is completely absurd, even laughable:
“We also need to remember that there are many traditional securities frauds and resources that have been spent pursuing Stoner Cats are not being spent pursuing other bad actors. I don’t really consider my main goal to be to stop people from buying Stoner Cats. »
Hester M. Peirce, SEC Commissioner – Source: The Block
Finally, to the question of how the DRY plans to definitively regulate the cryptocurrencyshe calls for respect for American institutions and respect for different powers:
“I really can’t tell you for sure, but I think we should stick to the mandate that Congress gave us and not go beyond that. »
Hester M. Peirce, SEC Commissioner – Source: The block
If even internally voices are raised to criticize the action of the SEC, it is a safe bet that things will end up developing positively in the near future. In any case, we can always count on Coinbase to lead the fight and carry the torch of crypto to the Capitol.