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crypto, Coinbase, SEC, PayPal

Is The SEC Prepared For Trump’s Crypto Promises? Commissioner Peirce Weighs In

Rubmar Garcia
by Rubmar Garcia
10 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The crypto market has seen a massive rally following Donald Trump’s victory in the US presidential elections. For the past week, the sector’s expectations for the newly elected pro-industry administration have grown as a clearer regulatory framework seems within reach.

However, some believe the Securities and Exchange Commission (SEC) still needs to do more to develop and implement a friendly approach to the industry.

Related Reading: FTX Files $1.8 Billion Lawsuit Against Binance And Former CEO Changpeng Zhao

Regulation By Enforcement Leaves ‘No Clear Path’

SEC commissioner Hester Peirce recently joined the Block and Order podcast to discuss what’s next for the US regulatory agency now that a seemingly crypto-friendly administration will enter the Office in 2025.

Pro-crypto Donald Trump won the US election against US Vice President Kamala Harris last week. During his campaign, Trump pledged to bring a friendly regulatory approach to the country, starting with firing SEC chairman Gary Gensler and making the US the “crypto capital” of the world.

Additionally, the re-elected president promised to keep the country’s Bitcoin (BTC) holdings and work on a regulatory framework for digital assets created by industry experts to support the sector.

Nonetheless, the SEC has a long history of cracking down on the crypto industry with its “regulation by enforcement” approach. Commissioner Peirce asserted that there are much better ways to spend the regulatory agency’s time and resources than “trying to do this enforcement action by enforcement action.”

Peirce noted that building a well-suited framework for the industry alongside investors and experts would be a better approach. “The problem with this enforcement action approach is that you end up with no clear path for people to experiment, and you end up with this discouraging environment,” the SEC commissioner added.

Moreover, she suggested that clear guidelines and a “disclosure framework” could help investors understand the risks and benefits of the projects they want to invest in and know the teams and plans behind them.

Is The SEC Prepared For A New Crypto-Friendly Administration?

Commissioner Peirce acknowledged the SEC’s current approach has created a hostile environment where investors are confused, and crypto businesses are scared to operate in the US:

It should not be this way. Of course, we’re going to have rules, but you never want to put people in a position where they are scared to start a business or do business here because they don’t know how the rules are going to play out.

The podcast hosts highlighted that the US’ new regulatory framework might take a few years to be developed. However, Peirce noted the US has the advantage of drawing from what’s working in other jurisdictions.

She also highlighted that the US regulator must address some issues, including speeding up the reviewing process and being more “open-minded.” The SEC commissioner shared her concerns regarding the new administration’s approach, which had not been elected when the interview was recorded, noting that, at first, “no one knows what to do.”

Peirce suggested that being prepared with good ideas by the time the new administration comes into office will be key. She further clarified in an X post that “people inside & outside the agency need to be thinking now about what good crypto regulation looks like.”

Ultimately, Peirce considers that “we need good ideas to fuel a public discussion” that could prepare the new administration and the US regulators for the change in approach.

Related Reading: This Week In Crypto: Key Developments And Legislative Moves As Trump Prepares For Office

Crypto

Total crypto market capitalization is at $2.9 trillion in the weekly chart. Source: TOTAL on TradingView
Featured Image from NBC News, Chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Rubmar Garcia

Rubmar Garcia

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Rubmar is a crypto enthusiast who likes learning and improving constantly. She enjoys reporting on the latest news and developments in the crypto industry. Rubmar also enjoys scrapbooking, crafting, simulation games, and watching football.

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