Crypto Mom: US SEC Enforcement Is Dragging Crypto Development

Dubbed as “Crypto Mom”, the Commissioner of U.S. Securities and Exchange Commission (SEC) Hester M. Pierce expressed her concern over the hinderance of SEC may have on the cryptocurrency industry. Pierce spoke at the Securities Enforcement Forum, East Palo Alto, California in 9 May.

She explained that the regulatory sandbox is urged for establishment by the US SEC, which can potentially “grab hold of the shovels and buckets and meddle in the building of sandcastles.” She said that hasty is not the word she would describe the SEC and it is not the overzealous action from SEC that stifled crypto space, but “its unwillingness to take meaningful action at all.”

Pierce said that creativity is not the strong suit for regulator, and the problem lied when “the securities laws do not cease to operate as a new industry develops.” When all parties involved in the industry must comply with the law or risk being subject to enforcement action, Pierce suggests regulator should provide a clear guidance for public on how to comply with the law.

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