Hester Peirce Promises to Clean Up the Mess That the SEC's Crypto Policy Has Created

Throughout January, a lot of institutional platforms criticized the SEC on their crypto strategy. The former CFTC chairperson included.

Institutional platforms slammed the SEC over its crypto strategy throughout January, including the former CFTC chairperson. Meanwhile, the SEC has also paused its legal filings with Binance and others.

In such a scenario, arrives Hester Peirce, promising to fix the mess that SEC’s crypto policy has created.

She sets up a quick-action task force, but legal experts say that the court will be deeply involved in this mess cleanup.

Shuffling & Addition Of Crypto Regulations

Nontransparent regulations are one of the key reasons why investor sentiment regarding the memecoin and altcoins market is so turbulent and volatile. Some policies were enforced in haste by the formal chairperson, Gary Gensler.

Those certainly did not go well. All they did was shut down some projects and spew ill-framed lawsuits on some others.

But things took a new turn on Jan 21, as “Crypto Mom,” Peirce becomes the new chairperson and the formation of the task force shows that she is a woman with a vision.

Another outspoken formal chairperson, Mark Uyeda, is behind the Peirce appointment, but traders are only hooked on one thing- will this change work and pump new life into the cryptocurrency market?

It’s too early to comment on that. But the preparedness of the task force seems to be. Within 2 days, the task force had successfully overturned the Staff Accounting Bulletin 121.

It was one of the basic regulations that made it difficult for any financial institution to easily transact crypto assets.

As the law is repealed now, banks can easily stock, share, and allow more free transactions without much regulatory loops to people willing to deal in crypto.

The second major highlight of Peirce’s short journey so far is the checklist she released this weekend. It highlights all the main issues in the crypto world that the SEC couldn’t solve to date.

Moreover, she promises that she has a solution for each of those issues. She is willing to help investors and give them more protection.

However, market manipulators, scammers, and foul players will equally face enforcement, but genuine institutional traders will enjoy the flexibility that the SEC 2.0 offers now.