SEC commissioner Hester Peirce said the newly released SEC Agency Rule List is full of 'hot-button' topics implemented in an unreasonable hurry, while cryptocurrency was ignored.
United States Securities and Exchange commissioner Hester Peirce said the newly released SEC Agency Rule List is full of “hot-button” topics implemented in an unreasonable hurry, while crypto was ignored.
Commissioner Peirce, who is sometimes referred to as the Crypto Mom for her strong positive views on cryptocurrency,Though the SEC list had no entries that made explicit reference to crypto, Pierce noted 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 critiqued the agency’s agenda, 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,” such as diversity, climate change and human capital management.
The agenda also reflects a “rush of radical rulemakings,” Peirce said, with short comment periods and market participants forced to implement multiple rules simultaneously: “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.”
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