Crypto-friendly SEC Commissioner criticises the SEC body over lack of public engagement
Hester Peirce slammed the American securities regulatory body over a lack of communication with the public, in particular with crypto companies.
Hester Peirce is popularly known as “Crypto Mom” for advocating for the Bitcoin and cryptocurrency sector at the government level. She has served as a commissioner at the United States Securities and Exchange Commission (SEC) since 2018, and her tenure will end in 2025.
Recently Hester Pierce shared her opinion on the bad approach of regulatory efforts by the SEC body. She said that constructive interaction of the SEC body is very less over the past records.
Hester argued that when people or companies bring new ideas, feedback, concerns, objections, or questions to the American securities regulatory body, they often feel like they’re not getting any response or feedback, which can be frustrating.
Furthermore, Hester also claimed that the SEC body adopted those types of practices which prohibit the engagement of the SEC staff in productive discussion with the public.
Crypto’s mom indirectly dragged her finger toward the SEC chairman Gary Gensler, for his bad leadership, behind all these issues.
According to Hester, the meeting with the SEC body isn’t just unproductive; it’s also not a good idea. She believes that the SEC’s belief that crypto is without rules adds to the worry for the crypto companies that talking with the agency could result in regulatory actions.
Furthermore, the crypto-friendly SEC Commissioner also stated that the SEC’s approach is very frightening for people. This is why the majority of people involved in crypto prefer not to meet with the SEC.
Coinbase vs SEC
The arguments & concerns shared by the SEC commissioner against the SEC leadership dragged attention toward the unproductive meeting between Coinbase & SEC body.
In the past couple of years, the executives of the top American crypto exchange Coinbase many times disclosed that they tried to meet the SEC body multiple times to get clarity & guidance for their crypto-related business but they failed to get any response.
In the mid of 2023, Coinbase was sued by the SEC body for providing crypto services, which was against the Securities Act because many crypto assets on the Coinbase exchange were unregistered securities tokens under the purview of the regulatory body.
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