{"id":2657,"date":"2024-11-14T10:18:18","date_gmt":"2024-11-14T10:18:18","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=2657"},"modified":"2024-11-14T10:18:18","modified_gmt":"2024-11-14T10:18:18","slug":"is-the-sec-prepared-for-trumps-crypto-promises-commissioner-peirce-weighs-in","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=2657","title":{"rendered":"Is The SEC Prepared For Trump\u2019s Crypto Promises? Commissioner Peirce Weighs In"},"content":{"rendered":"
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The crypto market has seen a massive rally following Donald Trump\u2019s victory in the US presidential elections. For the past week, the sector\u2019s expectations for the newly elected pro-industry administration have grown as a clearer regulatory framework seems within reach.<\/p>\n

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

Regulation By Enforcement Leaves \u2018No Clear Path\u2019<\/h2>\n

SEC commissioner Hester Peirce recently joined<\/a> the Block and Order podcast to discuss what\u2019s next for the US regulatory agency now that a seemingly crypto-friendly administration will enter the Office in 2025.<\/p>\n

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 \u201ccrypto capital\u201d of the world.<\/p>\n

Additionally, the re-elected president promised<\/a> to keep the country\u2019s Bitcoin (BTC) holdings and work on a regulatory framework for digital assets created by industry experts to support the sector.<\/p>\n

Nonetheless, the SEC has a long history of cracking down on the crypto industry with its \u201cregulation by enforcement\u201d approach. Commissioner Peirce asserted that there are much better ways to spend the regulatory agency\u2019s time and resources than \u201ctrying to do this enforcement action by enforcement action.\u201d<\/p>\n

Peirce noted that building a well-suited framework for the industry alongside investors and experts would be a better approach. \u201cThe 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,\u201d the SEC commissioner added.<\/p>\n

Moreover, she suggested that clear guidelines<\/a> and a \u201cdisclosure framework\u201d could help investors understand the risks and benefits of the projects they want to invest in and know the teams and plans behind them.<\/p>\n

Is The SEC Prepared For A New Crypto-Friendly Administration?<\/h2>\n

Commissioner Peirce acknowledged the SEC\u2019s current approach has created a hostile environment where investors are confused, and crypto businesses are scared to operate in the US:<\/p>\n

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It should not be this way. Of course, we\u2019re 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\u2019t know how the rules are going to play out.<\/p>\n<\/blockquote>\n

The podcast hosts highlighted that the US\u2019 new regulatory framework might take a few years to be developed. However, Peirce noted the US has the advantage of drawing from what\u2019s working in other jurisdictions<\/a>.<\/p>\n

She also highlighted that the US regulator must address some issues, including speeding up the reviewing process and being more \u201copen-minded.\u201d The SEC commissioner shared her concerns regarding the new administration\u2019s approach, which had not been elected when the interview was recorded, noting that, at first, \u201cno one knows what to do.\u201d<\/p>\n

Peirce suggested that being prepared with good ideas by the time the new administration comes into office will be key. She further clarified<\/a> in an X post that \u201cpeople inside & outside the agency need to be thinking now about what good crypto regulation looks like.\u201d<\/p>\n

Ultimately, Peirce considers that \u201cwe need good ideas to fuel a public discussion\u201d that could prepare the new administration and the US regulators for the change in approach.<\/p>\n

\"Crypto\"<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The crypto market has seen a massive rally following Donald Trump\u2019s victory in the US presidential elections. For the past week, the sector\u2019s 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 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-2657","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2657"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/2657\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}