{"id":10784,"date":"2021-08-11T01:54:19","date_gmt":"2021-08-11T01:54:19","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/commissioner-criticizes-sec-for-taking-enforcement-centric-approach-to-crypto-regulation\/"},"modified":"2021-08-11T01:54:19","modified_gmt":"2021-08-11T01:54:19","slug":"commissioner-criticizes-sec-for-taking-enforcement-centric-approach-to-crypto-regulation","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/commissioner-criticizes-sec-for-taking-enforcement-centric-approach-to-crypto-regulation\/","title":{"rendered":"Commissioner Criticizes SEC for Taking Enforcement-Centric Approach to Crypto Regulation"},"content":{"rendered":"

A commissioner with the U.S. Securities and Exchange Commission (SEC) has criticized the securities watchdog for focusing on enforcement actions in its oversight of the crypto industry.<\/strong><\/p>\n

SEC Commissioner Slams Agency for Focusing on Enforcement Actions in Regulating Crypto Assets<\/h2>\n

SEC Commissioner Hester Peirce criticized her own agency Monday after it announced<\/a> an enforcement action against cryptocurrency exchange Poloniex<\/a>. She noted that the SEC\u2019s action against the exchange \u201cdoubles down on the Commission\u2019s enforcement-centric approach to crypto.\u201d<\/p>\n

The securities watchdog alleges<\/a> that Poloniex operated without being registered and planned internally to be \u201caggressive\u201d in listing more assets in 2017 despite saying publicly that it would not list securities. The regulator said that in 2018 the exchange let users trade assets it deemed \u201cmedium risk\u201d of being classified securities.<\/p>\n

Peirce, also known as \u201ccrypto mom,\u201d argued that the SEC was taking its time in dealing with cryptocurrencies at the time. \u201cDuring the period at issue here (mid-2017 through 2019), the Commission was moving very cautiously with respect to regulated entities\u2019 engagement with crypto assets,\u201d she explained, elaborating:<\/p>\n

Sure, Poloniex could have tried to register. Had it done so, it likely would have waited . . . and waited . . . and waited some more.<\/p>\n

<\/p>\n

The commissioner opined: \u201cGiven how slow we have been in determining how regulated entities can interact with crypto, market participants may understandably be surprised to see us come onto the scene now with our enforcement guns blazing.\u201d<\/p>\n

A report published in May shows that the SEC has brought 75 enforcement actions<\/a> against companies and individuals in the crypto industry. Last week, the SEC took action its first action involving decentralized finance<\/a> (defi).<\/p>\n

Recently, SEC Chairman Gary Gensler outlined<\/a> his approach and priorities to regulating crypto assets, focusing on investor protection.<\/p>\n

He said last week that Satoshi Nakamoto\u2019s \u201cinnovation is real<\/a>,\u201d adding that \u201cit has been and could continue to be a catalyst for change in the fields of finance and money.\u201d<\/p>\n

What do you think about the SEC focusing on enforcement actions in regulating the crypto industry? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, Crypto Mom, Crypto regulation, enforcement actions, hester peirce, Poloniex, poloniex crypto exchange, SEC, sec crypto oversight, sec crypto regulation<\/p>\n","protected":false},"excerpt":{"rendered":"

A commissioner with the U.S. Securities and Exchange Commission (SEC) has criticized the securities watchdog for focusing on enforcement actions in its oversight of the crypto industry. SEC Commissioner Slams Agency for Focusing on Enforcement Actions in Regulating Crypto Assets SEC Commissioner Hester Peirce criticized her own agency Monday after it announced an enforcement action…<\/p>\n","protected":false},"author":0,"featured_media":10785,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10784"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10784"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10784\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10785"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}