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Commissioner discredit SEC for New Approach to Crypto Regulation

Commissioner discredit SEC
Commissioner discredit SEC

Commissioner discredit SEC for New Approach to Crypto Regulation

Reports revealed that, SEC Commissioner Hester Peirce castigated her own agency on Monday after it declared openly an enforcement action against cryptocurrency exchange Poloniex.

She pointed out that the SEC’s action against the exchange “doubles down on the Commission’s enforcement-centric approach to crypto.

Commissioner discredit SEC

According to the watchdogs, Poloniex allegedly operated without being registered and planned internally to be “aggressive” in listing more assets in 2017 despite saying otherwise that it would not list securities.

The regulator said that in 2018 the exchange allowed users trade assets it tagged “medium risk”.

Commissioner discredit SEC

Peirce also contended that the SEC was taking its time in dealing with cryptocurrencies at the time.

During the period at issue here (mid-2017 through 2019), the Commission was moving very cautiously with respect to regulated entities’ engagement with crypto assets,

she explained.

Sure, Poloniex could have tried to register. Had it done so, it likely would have waited . . . and waited . . . and waited some more.

Pierce opined further saying;

Given how slow we have been in determining how regulated entities can interact with crypto, market participants may understandably be surprised to see us come onto the scene now with our enforcement guns blazing.

 

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