Hester Pearce Criticizes Head of the SEC for Position on Cryptos

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SEC Commissioners Hester Pierce and Elad Roizman have said they were disappointed with the content of the regulatory agenda from agency chairman Gary Gensler. Officials criticized the lack of clarification on digital assets.

Pierce and Roizman noted that the document did not include items aimed at helping companies raise capital and strengthen consumer protection.

“Instead, the agenda is rife with plans to rewrite recently completed rules, add new regulatory obligations […] The program also does not advance our mission to protect investors because it does not clarify [regulation] of digital assets,” the commissioners said.

They pointed to the SEC’s reluctance to take on “the daunting task of developing rules to allow investors and regulated entities to interact with digital assets.”

“This silence encourages fraudsters and discourages bona fide actors who want to abide by the law,” the statement said.

Earlier, Gensler called on the US Congress to clarify the crypto industry’s regulatory framework. In his opinion, a legal framework is needed for digital assets to survive.

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