SEC commissioner calls for consistent legal framework” for all asset classes, including crypto regulation
SEC commissioner calls for consistent legal framework” for all asset classes, including crypto regulation
A representative of the US stock exchange supervisory authority SEC has "requested a coherent and consistent legal framework that works across all investment classes", including crypto-assets. She warned that the current enforcement-centered approach of the SEC would take 400 years to search all crypto tokens that are supposedly securities.
SEC representative for cryptor regulation
A representative of the US stock exchange supervisory authority SEC, Hester Peirce, spoke about crypto regulation in her speech at the “Digital Assets at Duke” conference.
With indication that the security supervisory authority "has pursued registration forces in an apparently arbitrary manner, often years after the original offer," emphasized the Commissioner:
We have to develop a coherent and consistent legal framework that works across all asset classes. Our inaccurate application of the law has led to arbitrary and destructive results for crypto projects and buyers.
"If we insist on applying the securities laws in this way, the token's second buyer often remain with a bag of token that you cannot act or use because the SEC requires special handling in accordance with securities laws," warned Peirce. "Many of these requirements are enforced in the context of a strict liability standard, so clarity is essential."
The Commissioner continued: "Why not set a coherent legal framework in a rule?" Develop:
If we would continue our approach of regulation through enforcement at our current pace, we would finally approach 400 years before we would get the tokens that are supposedly securities.
"In contrast, a SEC rule would have a universal cover-if not retrospectively-covered as soon as it comes into force," she noted.
Commissioner Peirce continued: "A rational framework should make compliance with our securities laws easier by good-faith crypto files, which would enable the SEC to concentrate more of its resources on the malicious actors."
she warned:
cryptor regulation is not easy to do well. If crypto institutions such as normal deposit institutions are treated that need a lot of capital and a lot of legal staff, the crypto innovation will probably disappear.
This was not the first time that Commissioner Peirce expressed concerns about the way the SEC regulated the cryptos sector. She repeatedly criticized the security supervision that she took one enforcement-centered approach for regulation of the crypto. She also believes that the supervisory authority should already have approved Börsen- Bitcoin fund (ETF). In May last year she warned that the SEC has Crypto supervision and explained: "We do not allow innovations develop and experiments take place in a healthy way, and there are long-term consequences of this failure."
Commissioner Peirce is not the only one who worries about the SEC approach aimed at enforced. The US Congressman Tom Emmer (R-MN), for example, has the repeatedly criticizes Sec chairman Gary Gensler. "Under the chairman Gensler, the SEC has become a powerful regulatory authority," said the legislator in July last year.
Do you agree with SEC commissioner Hester Peirce? Let us know in the comment area below.
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