SEC's closed-door policy stifling crypto innovation — Hester Peirce

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SEC Commissioner Hester Peirce criticized crypto custody guidance outlined in SAB 121 and called for increased dialogue with crypto firms in the United States.

US Security and Exchange Commission Commissioner Hester Peirce has taken another swipe at her agency, criticizing the regulator's guidance on crypto custody while calling for more interaction with the public.— also known by crypto enthusiasts as ‘Crypto Mom’ — said that a"particularly pernicious weed” had sprung up in the SEC’s “secret garden” of policy guidelines. Her, which outlines the regulator’s accounting guidelines for institutions looking to custody crypto assets.

“It is driving broker-dealers to allocate significant capital to their crypto custody businesses or to avoid the business altogether. SAB 121 arguably does not protect investors.” “The culture at the top of the SEC has changed, which in turn has changed the way the agency interacts with the public,” she said.Pierce added that both investors and companies are hesitant to meet with the SEC out of fear of enforcement actions, especially in areas like crypto which the regulator has identified as priorities for ramped-up enforcement.

 

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