SEC Commissioner calls for ‘consistent legal framework’ for all asset classes including crypto
According to the report, the regulation of cryptocurrencies was discussed and clarified during a speech by Hester Pierce, a commissioner of the US Securities and Exchange Commission, at the conference “Digital Assets at Duke” on January 20. Noting in the discussion that securities regulation has pursued registration violations in an introductory fashion and created opportunities for it years after the original offering, the Commissioner adds that they need to develop a coherent and substantive legal framework. Should be the same for all assets and work for all assets and its rules should be accepted everywhere. According to them, their application of the law has created or played a role in creating disastrous consequences for crypto and its projects and buyers. Further, the Commissioner of the Securities and Exchange Commission states that when we give up on enforcing securities laws in this way, secondary buyers of tokens are often left with a bag of tokens that they cannot use for trading because Securities and Exchange Commission compliant securities laws are characterized and require special handling. Many of these requirements apply under the strict liability standard as well, and clarity is therefore essential.
The Commissioner continues by saying, “Why not create a coherent legal framework in one rule?” If we go to find the answer to this we will find that if we continue to work at our current pace with our regulation rate and enforcement approach we will allegedly get back 400 years through securities tokens. Quite the contrary, a Securities and Exchange Commission rule would be valid everywhere as if it had gone into effect, and she added that a rational framework should introduce crypto in good faith with our securities laws and at the same time in the interest of cryptocurrencies. should provide all kinds of projects as well as all kinds of facilities that can certainly be supported and based on that it will free the Securities and Exchange Commission from focusing more on the bad actors and at the same time the good actors Can be established under this law. In the midst of all this, she also warns or suggests that it is not an easy time to get crypto regulated well and that if crypto institutions are treated like regular depository institutions, which require huge amounts of capital and lots of If employees are needed, then there is a strong possibility of reducing crypto innovation. This is certainly not the first time that Commissioner Pearce has expressed concern about the way the crypto sector is being regulated by the Securities and Exchange Commission as it is about taking and acting on a reflection-focused approach to regulating the crypto space. The securities watchdog has been criticized time and again. She believes that the regulator should have already approved the supported bitcoin exchange-traded fund. In May last year, he warned that the Securities and Exchange Commission had downgraded crypto to oversight, saying that it was not allowing innovation to develop and be used in a healthy way, and that certain Typically a long term result.
Commissioner Pearce is not the only person who is concerned about this and who has a critical view of the regulatory system. For example, the chairman of the Securities and Exchange Commission has been repeatedly criticized by Congressman Tom Emmer (R-MN), and the lawmaker said last July that, “Under Chair Gensler, the SEC has become a power-hungry organization.” has become regulatory.