US Securities and Exchange Commission Commissioner says Crypto Companies Must Keep Fighting
Hester Pierce, a commissioner at the US Securities and Exchange Commission, has advised crypto businesses to persist in their pursuit of regulatory certainty despite the SEC’s ongoing crackdown on a number of prominent digital asset companies.
Pierce thinks the SEC and crypto industry players should work together to figure out the best way to regulate the sector, despite the fact that the two parties may not have the best history of getting along.
Pierce said in an interview with the cryptocurrency news outlet Cointelegraph, “Don’t lose upon the United States. Addressing the domestic crypto industry specifically, “This too shall pass, the confusion shall pass,” was a message of hope and calm.
She stressed the need to have well-defined regulations for digital assets and implied that the Commission was “far behind” in building such a framework. When asked about the lack of regulatory certainty faced by digital asset enterprises in the United States, she mentioned the apparent leadership of nations like Switzerland and Singapore.
It has been speculated that the SEC’s approach to the sector stems from the Commission’s lack of technical expertise.
The SEC has long been criticized for its enforcement activities against the digital asset business despite the lack of a legal framework upon which it might rely for authority.
One common criticism of SEC investigations against cryptocurrency businesses is that the agency should be focusing on companies that provide securities, a category that does not include cryptocurrencies.
When responding to a complaint filed by the Commission alleging that it was acting as an unregistered securities exchange by providing various digital assets on its platform, the biggest exchange in the United States, Coinbase, used this line of defense.
Pierce’s remarks come at a time when Solana co-founder Anatoly Yakovenko has asked US lawmakers to quickly draft legislation to regulate the cryptocurrency market.
Some business owners reportedly have second thoughts about launching their cryptocurrency operations in the United States because of the regulatory grey area. While others, already established in the US, have decided to relocate their activities overseas due to the uncertainty.