As part of the SEC Spring 2022 Regulatory Agenda, which was released on Wednesday Peirce has called for regulatory clarity around certain issues relating to crypto.
United States Securities and Exchange (SEC) commissioner Hester Peirce said ignoring crypto the newly released SEC Agency Rule List is full of “hot-button” topics implemented in an unreasonable hurry.
Commissioner Peirce, also known as the Crypto Mom, released a statement concerning the SEC Spring 2022 Regulatory Agenda and the SEC Agency Rule List.
Perice claimed that one of the proposed rules, Amendments to Exchange Act Rule 3b-16, “might regulate crypto protocols or platforms through an unmarked backdoor.”
She went on to name four areas relating to crypto where regulatory clarity “would be appreciated.” Those included defining securities and issues related to custody, including the agency’s controversial Staff Accounting Bulletin 121.
Peirce also criticized the agency’s agenda, for their diversity, saying that the SEC set forth “flawed goals and a flawed method for achieving them”, claiming the agency has focused on “hot-button matters outside our remit.”
The agenda is reflecting a “rush of radical rulemakings”, said Pierce, with short comment periods and market participants forced to implement multiple rules concurrently.
“The agenda, if enacted, risks setting off the regulatory version of a rip current — fast-moving currents flowing away from shore that can be fatal to swimmers. […] The pace and character of the rulemakings on this agenda make for dangerous conditions in our capital markets.”
When it comes to crypto, Peirce is often the lone dissenting voice on the SEC board. She has complained to the agency for “leading with enforcement” and failing to provide the industry with regulatory direction.
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