{"id":239493,"date":"2022-05-26T14:15:13","date_gmt":"2022-05-26T13:15:13","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=239493"},"modified":"2022-05-26T13:04:55","modified_gmt":"2022-05-26T12:04:55","slug":"secs-hester-pierce-claims-us-failed-at-regulating-crypto","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/secs-hester-pierce-claims-us-failed-at-regulating-crypto\/","title":{"rendered":"SEC&#8217;s Hester Pierce claims US failed at regulating crypto"},"content":{"rendered":"<p>SEC Commissioner Hester Peirce believes the U.S. has blundered regarding regulating the nascent crypto industry.<\/p>\n<p>She shared these sentiments during the D.C. Blockchain Summit earlier this week, noting that the cumulative effects of these failures are causing her sleepless nights.<\/p>\n<p>According to <a href=\"https:\/\/www.cnbc.com\/2022\/05\/25\/secs-hester-peirce-us-dropped-the-ball-on-crypto-regulation.html?&qsearchterm=cryptocurrency\" target=\"_blank\" rel=\"noopener\">Peirce<\/a>:<\/p>\n<blockquote><p>There\u2019s a lot of fraud in this space, because it\u2019s the hot area of the moment. The other piece that does concern me is the way that we\u2019ve sort of dropped the regulatory ball.<\/p><\/blockquote>\n<p>She added that the U.S. has failed to create a conducive environment for crypto firms to innovate and experiment in a healthy way. Peirce further noted that this failure has long-term consequences.<\/p>\n<p>The SEC Commissioner went on to note:<\/p>\n<blockquote><p>We can go after fraud and we can play a more positive role on the innovation side, but we have to get to it, we\u2019ve got to get working. I haven\u2019t seen us willing to do that work so far.<\/p><\/blockquote>\n<p>Peirce\u2019s comments come after the crypto market crashed, losing more than half a trillion dollars in a few weeks. This crash was partially due to the collapse of TerraUSD (<a href=\"https:\/\/cryptoslate.com\/coins\/terrausd\/\" target=\"_blank\" rel=\"noopener\">UST<\/a>).<\/p>\n<h2>SEC continues to push for more control over the crypto market<\/h2>\n<p>SEC continues requesting more power over the crypto market. Previously, SEC Chair Gary Gensler could not pinpoint which cryptos fall under the SEC\u2019s supervisory scope.<\/p>\n<p>However, he recently gave <a href=\"https:\/\/www.youtube.com\/watch?v=ANkpX_GoQZw\" target=\"_blank\" rel=\"noopener\">testimony<\/a> before the House of Appropriations Committee, saying the SEC has jurisdiction over most of the tokens in the market. Gensler also agreed that Bitcoin (<a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\" target=\"_blank\" rel=\"noopener\">BTC<\/a>), the largest crypto by capitalization, may not fall under the SEC\u2019s regulatory purview.<\/p>\n<p>By admitting that BTC might be a commodity, Gensler echoed the sentiments of Rostin Behnam, the Chairman of the Commodity Futures Trading Commission (CFTC), who <a href=\"https:\/\/cryptoslate.com\/cftc-chair-labels-bitcoin-ethereum-as-commodities\/\" target=\"_blank\" rel=\"noopener\">said<\/a> BTC and Ether (<a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\" target=\"_blank\" rel=\"noopener\">ETH<\/a>) are commodities and the crypto market has multiple commodity coins.<\/p>\n<p>Nonetheless, he acknowledged that the SEC would eventually be in charge of the giant share of cryptos in the market.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC Commissioner Hester Peirce believes the U.S. has blundered regarding regulating the nascent crypto industry. She shared these sentiments during the D.C. Blockchain Summit earlier this week, noting that the cumulative effects of these failures are causing her sleepless nights. According to Peirce: There\u2019s a lot of fraud in this space, because it\u2019s the hot [&hellip;]<\/p>\n","protected":false},"author":1296,"featured_media":239550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC&#039;s Hester Pierce claims US failed at regulating crypto<\/title>\n<meta name=\"description\" content=\"Peirce says the U.S. is not allowing innovation to develop or experimentation to happen in a healthy manner.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/secs-hester-pierce-claims-us-failed-at-regulating-crypto\/\" \/>\n<meta property=\"og:locale\" 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