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The US Securities and Exchange (SEC) Commissioner, Hester Peirce’s words on crypto heated things up at the ETHDenver event. “We are in enforcement-only mode”, said Peirce.
ETHDenver 2024 drew the attention of crypto enthusiasts as the SEC Commissioner made some comments regarding the crypto industry. The agency is operating in an ‘Enforcement-only mode’ when it comes to cryptocurrency regulations. Pierce is well-known for her crypto-friendly stance and expressed her concern for crypto industry participants.
ETHDenver highlights: What Pierce said about crypto regulations
The never-ending battle between the SEC and the crypto industry for regulations took a new turn during the ETHDenver event.
On Thursday, Pierce cleared that the top US investment watchdog is in an ‘enforcement-only mode’.
According to her, crypto industry participants are overburdened and continually worry about avoiding legal disputes. Clear rules and transparency would help them focus on innovation. Also, she openly expressed her frustrations with the regulators.
“If we had clearer rules, you could focus on building,” she said.
Crypto developers and industry participants need to focus on innovation and problem-solving. Clear rules would enhance their focus. However, a balance would have to be achieved, as excessive rules and regulations would hinder innovation.
Despite the SEC’s involvement in legal battles with numerous cryptocurrency exchanges, she urged for a collaborative approach and understanding. She also suggested the token Safe Harbor Act and her own proposed Safe Harbor proposal to enhance clarity in the industry.
Since the day Peirce joined the agency, she has been a vocal supporter of the cryptocurrency sector even though several crypto and blockchain companies are engaged in legal disputes with the financial watchdog.
According to Pierce, Gery Gensler should change his perception of the crypto world. Collaboration between the crypto firm and the SEC would result in a strong relationship and smoothen the financial ecosystem.
The SEC has alleged that crypto exchanges including Coinbase, Ripple, and Kraken, are operating illegally and offering unregulated investments to the US market. All these allegations were made based on the belief that the crypto industry should adopt regulations followed by traditional investments like stocks.
However, the SEC experienced a recent setback in the battle against Grayscale, the issuer of the Grayscale Bitcoin Trust (GBTC), to convert the Bitcoin trust into an Exchange-traded fund (ETF).
In the end, the SEC approved several Bitcoin ETFs in January. Additionally, Mike Novogratz, a billionaire investor, thinks that most of the rules and regulations developed by the SEC chainman will be dropped.
About ETHDenver event
ETHDenver is one of the biggest annual Web3 and innovation festivals that involves developers, business persons, and government legislations from worldwide. The event aims to empower the Web3 community and construct the world as a hub of blockchain and Ethereum innovation.
For 2024, the event is scheduled between February 23 to March 3 at National Western Complex, US. Sponsor ‘Shillages’, MakerSpace, Blockchain Arcade, Zen Zone, and Podcast Studio are some main centers of attraction. The event connected around 20,000 SporkDAO community members to express creativity, share ideas, and shape the blockchain future.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
