U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce said the newly released list of SEC agency rules is full of “hot” topics that have been unreasonably hastily implemented, while cryptocurrencies have been ignored.
Commissioner Peirce is sometimes referred to as the Crypto Mom because of her strongly positive stance on cryptocurrencies, release Statement on the SEC’s Spring 2022 Regulatory Agenda and SEC Agency Rules List.
While the SEC’s list did not explicitly mention encryption, Perice noted that one of the proposed rules, the Exchange Act Rule 3b-16 Amendment, “could regulate encryption through unlabeled backdoors. protocol or platform.”
She went on to name four cryptocurrency-related areas where regulatory clarity “would be appreciated.” These include defining securities and custodial-related issues, including the agency’s controversial employee accounting bulletin 121.
Peirce also criticized the agency’s agenda, saying the SEC has presented “flawed goals and a flawed approach to achieving them,” claiming the agency is focused on “hot issues outside our purview,” such as diversity, climate Change and Human Capital Management.
Pierce said the agenda also reflected an “aggressive rulemaking boom,” with a short comment period and market participants being forced to implement multiple rules simultaneously.
“This agenda, if implemented, could lead to a regulatory version of rip currents – fast-moving ocean currents that flow off shore and can be deadly to swimmers. […] The speed and character of rulemaking on this agenda puts our capital markets at risk. “
Peirce is often the only dissenting voice on the SEC board, especially when it comes to cryptocurrencies.she has Criticized the agency for being “enforcement-led” and Industry not available and regulatory guidance.