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SEC Planting Its Regulatory Flag As Congress Still To Pick a Regulator: SEC’s Peirce

The Securities and Exchange Commission is attempting to “plant its regulatory flag," while Congress is still mulling which agency will be police crypto, said Hester Peirce, a commissioner at the regulator.

The SEC has been busy with enforcement actions against crypto firms and individuals, bringing two cases over just the last week. The SEC brought charges against Terraform Labs and its CEO Do Hyeong Kwon over its collapsed algorithmic stablecoin Terra USD on Thursday. Then on Friday morning the agency charged and settled with NBA Hall of Famer Paul Pierce for unlawfully touting a token.

“We’re going to struggle for a while to get to a place where we really are productively regulating it,” Peirce, the SEC's lone Republican commissioner, told The Block’s Frank Chaparro on The Scoop podcast.

A lot of what happens next is up to Congress and what agency they pick to regulate, Peirce added.  

Lawmakers have introduced comprehensive legislation as well as smaller bills to regulate sections of the industry, which would have to be reintroduced this year.

(By Sarah Wynn)

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