SEC Commissioner Hester Peirce Calls for Crypto Industry to Shift Focus to Congress
In a bold and humorous dissent, SEC Commissioner Hester Peirce took aim at the SEC’s handling of crypto assets, particularly in the recent settlement with ShapeShift. Peirce, known for her outspoken criticism of the SEC’s approach to crypto, highlighted the frustrations felt by entrepreneurs and investors in the industry.
In a satirical dialogue between a future ShapeShift and the SEC, Peirce highlighted the lack of clarity and guidance provided by the SEC when it comes to determining which assets are considered securities. The dialogue perfectly captured the ongoing uncertainty and fear within the crypto industry of potential SEC enforcement actions.
Peirce’s dissent did more than just criticize the SEC – it called for a shift in strategy within the crypto industry. She urged industry players to focus their efforts on Congress, rather than solely targeting the SEC. Peirce emphasized that Congress, not the SEC, has the power to update laws and regulations surrounding crypto assets.
With the upcoming election year, Peirce sees an opportunity for the crypto industry to influence Congress and push for better laws around digital assets. She outlined three ways for industry participants to make their voices heard: supporting the Financial Innovation and Technology for the 21st Century Act, voting for crypto-friendly candidates, and educating others on the importance of congressional action.
Peirce stressed that better regulation of crypto assets would lead to better investments and growth within the industry. By advocating for stronger laws and regulations, the crypto industry could see significant advancements and opportunities in the American market.
In conclusion, Peirce’s dissent serves as a rallying cry for the crypto industry to shift its focus to Congress and push for meaningful legislative changes. Grievances with the SEC may have fallen on deaf ears, but with the power of Congress behind them, industry players have the potential to enact real change. It’s time for the crypto industry to take their complaints to Capitol Hill and make their voices heard.
