Hester Peirce, a commissioner, at the Securities and Exchange Commission (SEC) who is known for her support of cryptocurrencies is advocating for regulations surrounding assets. Speaking at a conference in Austin, Texas she expressed her disappointment with the SECs progress in establishing a regulatory framework for cryptocurrencies since she joined the commission in 2018. Peirce acknowledged that countries like Switzerland and Singapore appear to be more advanced in terms of regulations but highlighted that their circumstances cannot be directly compared to those of the United States.
Peirce mentioned that the SEC has individuals who possess knowledge about cryptocurrencies, which has improved during her tenure. However she honestly admitted, “I have not witnessed changes.”
The SEC has faced criticism regarding its approach to regulating assets under Chair Gary Genslers leadership. Detractors often accuse the agency of employing an “enforcement oriented” strategy when it comes to regulation. As of the publication date of this report the SEC was engaged in disputes with crypto companies such as Coinbase, Binance and Ripple and had yet to approve a Bitcoin spot exchange traded fund (ETF), for U.S. Markets.
However Grayscale Investments recently succeeded in their appeal, against the SECs rejection of their spot ETF application, which could lead to a reevaluation.
At the time lawyers from the SEC and Binance.US were engaged in discussions at a court in Washington D.C. specifically addressing a discovery process, for a lawsuit. This development follows Binance CEO Changpeng Zhaos announcement that Binance.US CEO Brian Shroder would be taking some time off amidst reports of staff members leaving the exchange.