{"id":19922,"date":"2024-12-26T14:44:18","date_gmt":"2024-12-26T12:44:18","guid":{"rendered":"https:\/\/forklog.com\/en\/hester-peirce-a-revamped-sec-may-be-more-crypto-friendly\/"},"modified":"2024-12-26T14:44:18","modified_gmt":"2024-12-26T12:44:18","slug":"hester-peirce-a-revamped-sec-may-be-more-crypto-friendly","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/hester-peirce-a-revamped-sec-may-be-more-crypto-friendly\/","title":{"rendered":"Hester Peirce: A Revamped SEC May Be More Crypto-Friendly"},"content":{"rendered":"<p><span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> will fundamentally change its enforcement approach with a shift in personnel, according to Commissioner Hester Peirce.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"View from the SEC\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/Jker0l-PSAU?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;I hope we return to the understanding that we are a regulatory agency within the executive branch, not an executive body that does not engage in regulation,&#8221; Peirce noted at the Blockchain Association summit.<\/p>\n<\/blockquote>\n<p>According to her, the Commission has &#8220;always leaned towards enforcement&#8221; regarding the crypto industry, but this approach will change with a new team.<\/p>\n<p>Following the departure of current SEC Chair Gary Gensler, Peirce wants to focus on clearly defining the agency&#8217;s jurisdiction. Market participants need to &#8220;help find a path forward&#8221; that maintains business appeal while complying with the law.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;We have enough flexibility to make adjustments through exemptions, no-action letters, and other methods. [&#8230;] I think there will be significantly more experimentation in this space,&#8221; the commissioner added.<\/p>\n<\/blockquote>\n<p>Her colleague Mark Uyeda, who described the previous SEC approach as &#8220;a complete disaster,&#8221; sees the changes as an opportunity to fulfill the Commission&#8217;s tasks.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;There is a reason we engage in regulation, not pure enforcement,&#8221; he noted.<\/p>\n<\/blockquote>\n<p>According to the commissioner, a responsible regulator should provide space for innovation, clearly communicate the rules, and explain how to follow them.<\/p>\n<p>He hopes the SEC will cease to be &#8220;a scolding teacher&#8221; that bans everything and return to its prescribed role as a regulator.<\/p>\n<p>Uyeda emphasized that in the Commission&#8217;s initiated legal proceedings, only agency staff and defense representatives participate, while the public remains unaware. In his view, legislative issues may concern a much broader audience that should join the discussion.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;That&#8217;s why we have the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Administrative_Procedure_Act\">Administrative Procedure Act<\/a> \u2014 to allow the public to comment on regulation. Ensuring this transparency is our responsibility to the American public,&#8221; Uyeda stated.<\/p>\n<\/blockquote>\n<p>He added that even the commissioners themselves sometimes have no say in the Commission&#8217;s affairs because enforcement specialists draft ready-made recommendations without sufficient discussion.<\/p>\n<p>Both commissioners agreed that enforcement measures might be appropriate in some borderline cases but are entirely unsuitable as a tool for creating extensive regulations.<\/p>\n<p>They also noted that in early 2025, the Commission will operate with a limited number of members until the Senate approves new appointments. With the departure of Gensler and Democratic Commissioner <a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/lizarraga-statement-departure-112224\">Jaime Liz\u00e1rraga<\/a>, Republicans Peirce and Uyeda, along with Paul Atkins, nominated as the agency&#8217;s chair, will lead the Commission.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Since three commissioners represent one party, I think Democrats expect that after the Senate confirms Paul Atkins, he will relatively quickly appoint someone from another political party,&#8221; <a href=\"https:\/\/www.theblock.co\/post\/330441\/whats-next-at-the-sec-in-a-post-gary-gensler-era?utm_source=telegram1&#038;utm_medium=social\">said<\/a> former SEC litigation attorney Teresa Goody Guill\u00e9n.<\/p>\n<\/blockquote>\n<p>By rule, no more than three Commission members can be from one political party. Atkins can appoint a Democrat, a Libertarian, or an independent candidate, but not another Republican.<\/p>\n<p>In December, a group of American organizations urged the Senate to confirm Democratic SEC Commissioner Caroline Crenshaw for another term.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC will fundamentally change its enforcement approach with a shift in personnel, according to Commissioner Hester Peirce. &#8220;I hope we return to the understanding that we are a regulatory agency within the executive branch, not an executive body that does not engage in regulation,&#8221; Peirce noted at the Blockchain Association summit. According to her, the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19921,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,128,26],"class_list":["post-19922","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-sec","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=19922"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/19922\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/19921"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=19922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=19922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=19922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}