SEC Commissioner Pierce Calls for Improved Crypto Regulation

In a recent interview, an SEC commissioner discussed the potential impact of a DOJ and CFTC-brokered deal on the SEC’s case against Binance. While unable to comment on ongoing cases, the commissioner stressed the importance of proactively creating a regulatory framework for U.S. companies.

The conversation touched on the idea of individuals admitting guilt and stepping down from operating exchanges as a potential solution for settling civil charges. The commissioner acknowledged the complexity of each case, noting that addressing criminal charges first is a common practice, but the resolution depends on specific circumstances.

Addressing the SEC’s stance on crypto regulation, the commissioner clarified that the primary goal is clear regulations for companies, not advocacy for the industry. Expressing frustration with the lack of a comprehensive framework, the commissioner highlighted the importance of providing clarity to avoid future violations.

Internal dynamics at the SEC were explored, with the commissioner emphasizing the necessity for more productive conversations within the agency. Congress was suggested as a crucial influencer in regulatory direction.

Regarding the SEC’s role in discussions about spot Bitcoin ETFs, the commissioner hinted at a potential shift, citing a recent court case involving Grayscale. However, specifics on the resolution timeline were not provided.

The interview concluded with discussions on ongoing legislation, highlighting the need for collaboration with the CFTC. The commissioner underscored the challenges of drafting crypto industry legislation, emphasizing the multifaceted nature of crypto’s implications.

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