The Securities and Exchange Commission has taken a hard line on digital assets. One of its own commissioners says it’s going too far.
with a federal court, seeking to force the SEC into responding to a petition for new crypto guidelines it submitted last July.
Peirce, meanwhile, says questions around the classification of crypto deserve greater attention than the SEC has afforded them. “We’ve been sort of broad brushing. I think we have to be more precise, because every case is unique,” says Peirce. “[Businesses and consumers] have to be able to know whether they’re dealing with a security or not, because when they don’t know, they can’t move forward—it paralyzes them.”on April 18, at which he was the sole witness.
Warren Davidson, another Republican on the committee, claimed the SEC has imposed a “de facto ban on crypto” and went as far as to table a bill under which the SEC would undergo a restructuring and Gensler would step down from his role as chair. Gensler maintained that crypto markets are compatible with existing SEC guidelines, that most crypto tokens are securities, and that the crypto market is therefore “rife with non-compliance.” His office declined to comment further on the record.
But not everyone at the agency is pulling in the same direction. Peirce says the effort to bring new territory under SEC control threatens to undermine its central objective: “to serve the American people.” She worries that to “grab jurisdiction” only to insist crypto businesses must either squeeze themselves into existing moulds or leave the US “defeats the point.
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