The SEC commissioner openly criticized the ruling system & future crypto regulation plan of the agency.
The US Securities and Exchange Commission (SEC) primarily works to regulate the spot money market and also the Securities market. The Crypto industry also falls under this agency significantly but some of the regulation work regarding the crypto industry also falls under Commodities regulatory body CFTC. The US SEC agency is known as a strict agency against the crypto industry because of its highly strict & negative stance on the crypto industry.
On 22 June, SEC chairman Gary Gensler published the agency’s new agenda that includes 53 legislative documents that outline the short and long-term regulatory actions that the administrative agency plans to take on the crypto industry. The new agenda seeks to “Do so will help us to achieve our three-part mission: protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.”
In response to this agenda, SEC Commissioner Hester Pierce issued her public statement and criticized the ruling system of the agency. She said that the ruling system should be enough to protect the crypto Investors as a primary focus, instead of creating a negative situation in this market.
“Just as certain wave and wind conditions can create dangerous rip currents, the pace and character of the rulemakings on this agenda make for dangerous conditions in our capital markets.”
Hester further talked about the main roles of the SEC agency, where it works against the primary matters against the risks but the stance of this agency is changing according to the situation where SEC agency is only doing less to help small and developing & emerging firms and instead increases their costs and shrink their investor base.
The SEC commissioner also said that the SEC agency is working to regulate decentralized applications and protocols, which are not the primary issue of this industry. According to Hester, the SEC agency should focus on primary needs and repeated demands for regulatory clarity.