SEC Commissioner Hester Peirce has made headlines this week with her scathing dissent on the SEC’s recent settlement with ShapeShift. Known for her outspoken criticism of the SEC’s approach to crypto assets, Peirce’s dissent paints a humorous yet frustrating picture of the current state of affairs.
In her dissent, Peirce imagines a comical dialogue between a future ShapeShift representative and the SEC, highlighting the confusion and lack of clarity surrounding the SEC’s regulations on crypto assets. The dialogue perfectly captures the frustration felt by many in the crypto industry, both as entrepreneurs and investors.
Peirce’s message is clear: it’s time for the crypto industry to shift its focus from the SEC to Congress. She argues that Congress, not the SEC, has the power to update laws around crypto assets and that it’s time for the industry to hold Congress accountable.
As the election year approaches, Peirce urges the industry to take action by supporting the Financial Innovation and Technology for the 21st Century Act (FIT21), voting for crypto-friendly candidates, and educating others on the importance of congressional action.
Peirce emphasizes that better regulation leads to better investments and urges the industry to push for legislative changes that will fuel growth and innovation in the crypto space. It’s time to stop complaining about the SEC and start advocating for change in Congress.
With Peirce’s dissent sparking a new conversation in the industry, the focus is shifting towards proactive engagement with lawmakers to drive meaningful change in the regulatory landscape.
