‘No Rhyme or Reason’ – SEC Commissioner Hester Peirce Blasts Her Own Agency’s Handling of US Crypto Industry


U.S. Securities and Exchange Commission (SEC) official Hester Peirce is launching another broadside against her agency over its regulation of the crypto sector.

While speaking at the Blockchain Association’s Policy Summit this week, Peirce, one of the SEC’s five appointed commissioners, argues that the regulator is bringing enforcement actions against old cases “without clear rhyme or reason.”

“There will come a time when people say, wait, do we really want to drive all of these companies out of the US? When that time comes we need to be ready with new ideas for US regulation.”

Peirce says she’s not sure if the SEC’s current registration model works for crypto. The commissioner has been nicknamed “Crypto Mom” by members of the digital asset community due to her past pushback on enforcement actions against the sector.

Last month, Peirce released a statement criticizing the SEC’s enforcement action against the blockchain-based file-sharing payment network LBRY.

In August, she and Commissioner Mark Uyeda dissented against the agency’s enforcement action against media company Impact Theory’s non-fungible token (NFT) sales.

And in February, Peirce blasted the SEC’s decision to force the cryptocurrency exchange Kraken to eliminate its staking program and pay a $30 million fine.

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