The working group on the newly created cryptography of Securities and Exchange Commission of the United States is working to create a long-awaited regulatory clarity for the cryptographic industry, according to a press release from Commissioner Hester Peirce.
Pierce, who was appointed by the acting president, Mark Uyeda recording by modifying the existing paths of the dry.
Other priorities include “Provid[ing] Clarity on the question of whether the loan and clearing programs of crypto are covered by the securities laws “and decide which parts of the market do not fall under the jurisdiction of the dry.
The crypto working group was created just two weeks ago, one day after former president Gary Gensler – known for his so -called regulatory approach by applying the crypto – resigned. Peirce and Uyeda were both vocal in their disapproval of the strategy of peopleler and indicated a massive change in the agency’s approach to the regulation of cryptography as part of the administration of New Donald Trump. Only two days after the creation of the working group, the SEC canceled its controversial staff accounting 121, which Peirce announced as an “important step” for the crypto working group in its remarks on Tuesday.
Read more: Dry Forms New Crypto Task Force Merade by Hester Peirce
By comparing the history of the agency’s cryptography regulation to a family road trip, Peirce said that the regulatory approach to the cryptographic working group “should be more pleasant and less risky than the crypto road trip than the Commission has taken industry over the past decade ”.
“During this last trip, the Commission refused to use regulatory tools at its disposal and innovatively criticized the application brakes while it rushed along a winding route with a destination that is not Discernable to anyone, “said Peirce.
Peirce recognized “legal imprecision and commercial impracticity” of the regulation of the crypto of the dry under peopleler, and stressed that it will take time to the working group of the crypto to decide what to do with the inheritance of the application he left.
“Many cases remain in dispute, many rules remain at the proposal stage and many market players remain in limbo,” said Peirce. “Determine the best way to disentangle all these strands, including current disputes, will take time. This will involve work throughout the agency and cooperation with other regulators. Be patient. The working group wants to go to the right place, but we have to do it in a ordered, practical and legally defensible manner. »»
Although many parts of the agency’s approach in cryptographic regulation change, the Peirce Declaration clearly indicates that the main objective of the SEC – protecting investors – remains as important as ever.
“One of the reasons why the American capital markets are so robust, effective and effective is that we have rules designed to protect investors and market integrity, and we apply these rules. We do not tolerate liars, cheaters and crooks, ”said Peirce. “While the working group strives to develop this regulatory framework, it will keep attentive to anti -raw protections. If the commission identifies a fraud which is outside our jurisdiction, it can refer the question to a sister regulator. If he does not fall under the competence of a regulator, the Commission can attract this gap to the attention of the Congress. »»
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