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Hester Peirce of the SEC Criticizes Regulator’s Unconventional Approach to Cryptocurrency –

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Sec'S Hester Peirce Says Regulator'S Approach To Crypto Has Been ’Strange’ -

U.S. Securities and Exchange Commissioner Hester Peirce used her opportunity on stage at ETH Denver to sustain her criticisms of her own agency, expressing frustration over “regulating by enforcement” and lambasting the SEC for dragging its heels on approving spot Bitcoin ETFs.

“The Grayscale case basically gave us the option of approving a Bitcoin exchange-traded product, and it’s remarkable to me that it took a court to tell us that we had to do that,” Peirce said during a “fireside” conversation with CNBC’s MacKenzie Sigalos. “I started in 2018. That summer, we had our first Bitcoin exchange-traded product come before us as a commission. And I thought back then—which was quite a long time ago now—we should have said yes to it.”

What will the agency say to applications now pending to offer Ethereum spot ETFs?

“I’m sure people here are interested in finding out what’s going to happen,” she acknowledged. “I’m going to use the lawyer’s answer and say it’s under consideration at the SEC—there’s not a lot I can say on that.”

One of the many complaints the cryptocurrency industry aims at the SEC is that the agency is using enforcement actions in lieu of regulation, suing crypto companies like Ripple, Coinbase, and Lbry. Peirce, who speaks regularly at crypto events and finds a sympathetic audience for her critiques, bla…

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