SEC’s Hester Peirce Pushes for Crypto Clarity Amid “Operation Chokepoint 2.0” Concerns
In a recent interview with Fox Business, SEC Commissioner Hester Peirce, often referred to as the “crypto mom,” emphasized the need for regulatory transparency in the cryptocurrency industry. Eleanor Terret posted on A vision to better support the existing cryptocurrency space under leadership.
Pierce emphasized fair rules, arguing that the SEC needs to rethink its approach to cryptocurrencies to help the industry grow. She wants to remove unnecessary barriers, such as restrictions on encryption services, so that businesses can innovate without hindrance. She also stressed the need to clearly define which digital assets are considered securities and which are subject to SEC regulation. This will bring more certainty to businesses and investors. Additionally, Pierce believes regulators should work closely with the cryptocurrency industry to gather public input to make the rules more fair and practical.
crypto reaction
Although Hester Peirce’s proposal to clarify SEC regulations has gained some support, skepticism remains. Critics like Enumma CEO David Barrera Fear Her approach could lead to more cryptocurrencies being classified as securities, something the crypto community opposes. The key issue is finding a balance between necessary regulation and allowing the industry to continue to grow without too many restrictions.
David Sacks, AI and Crypto Czar also believe “Operation Chokepoint 2.0” will unfairly target cryptocurrency businesses. He cited the example of Silvergate Bank, which collapsed despite being financially stable, and blamed regulators for making it harder for the bank to work with cryptocurrency companies. Sachs wants these actions investigated, saying they harm innovation in the crypto world. As the new cryptocurrency czar, he is pushing for fair rules to help the industry grow without unnecessary restrictions.
on the other hand
Regarding ongoing cryptocurrency fears, Coinbase recently revealed document It shows that the FDIC requires banks to stop providing services to cryptocurrency businesses in 2022. The documents were obtained through a public records request. Paul Grewal, chief legal officer of Coinbase, pointed out that this proves that there is a concerted effort to restrict the crypto industry from entering banking business.
This is a hotly debated topic, as any rules created on a whim could have long-term consequences for the entire cryptocurrency space, which is waiting for clear and unfair rules.
