SEC Commissioner Esther Pierce recently expressed her opposition to the regulatory policies being implemented by SEC Chairman Gary Gensler in statements posted on the agency’s website.
Pierce has been critical of Gensler’s handling of the SEC, stating that the agency is stifling innovation and proposing centralized regulations that are causing new technologies to disappear.
Pierce believes that the SEC, under Gensler’s direction, is expanding its scope of regulation to address issues that do not exist and is not leaving room for new approaches to exchange regulation.
She has also expressed her concern over the declarative and threatening language used in mandatory SEC registration requirements, especially when it is not possible due to regulatory frameworks’ inadequacies.
On April 14, Gensler announced the SEC’s future plans to change the rules for regulating the cryptocurrency industry.
According to Gensler, the goal is to subject cryptocurrency brokers to more stringent regulatory scrutiny and modernize the criteria that define the concept of a digital asset exchange to ensure that financial transactions are conducted safely and in a controlled environment.
Gensler believes that the implementation of the plan will fill the regulatory vacuum left by digital asset platforms that trade securities and derivatives but do not register as exchanges or brokerage companies.
Gensler also claims that many digital assets have the characteristics of securities and fall under his jurisdiction.
However, Warren Davidson, a member of the Committee on Financial Services of the US House of Representatives, has expressed his intention to submit a bill to Congress soon, seeking the removal of Gary Gensler from office for his disruptive actions as the head of the SEC.