Skip to main content
MENU
Subscribe
  • Login
  • My Account
  • Logout
  • Register For Free
  • Subscribe
  • Topics
    • Alternatives
    • Artificial Intelligence
    • CIOs
    • Consultants
    • Defined Contribution
    • ESG
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Partner Content
    • Private Credit
    • Pension Funds
    • Private Equity
    • Real Estate
    • Regulation
    • Special Reports
    • Washington
    • White Papers
  • International
    • U.K.
    • Canada
    • Europe
    • Asia
    • Australia - New Zealand
    • Middle East
    • Latin America
    • Africa
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Influential Women in Institutional Investing 2024
    • Eddy Awards
  • Resource Guides
    • Active Thematic Global Equities
    • Retirement Income
    • Fixed Income
    • Pension Risk Transfer
    • Pooled Employer Plans (PEPs)
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • ESG Investing | Industry Brief
    • Innovation in ESG Investing
    • ESG Rated ETFs
    • Divestment Database
  • Defined Contribution
    • Latest DC News
    • The Plan Sponsor's Guide to Retirement Income
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • DC Plan Design: Improving Participant Outcomes
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Research Center
    • The P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
  • Print
Breadcrumb
  1. Home
  2. Regulation
October 12, 2023 01:21 PM

Commissioner Peirce criticizes SEC's approach to crypto, pace of rule-making

Courtney Degen
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Hester Peirce talks and gestures with her hands.
    Bloomberg

    Hester Peirce

    SEC Commissioner Hester M. Peirce on Oct. 12 criticized the agency's approach to regulating cryptocurrency and said the pace of the SEC's rule-making is "very problematic."

    "I don't think that the approach that we're taking (to regulate cryptocurrency) is the correct one," Peirce said at the Security Traders Association's Market Structure Conference in Washington.

    Related Article
    Lawmakers grill Gensler on impact of SEC rule-making

    Based on her meetings with crypto proponents, Peirce said the industry wants more clarity on what the rules are in order to comply.

    "And instead, we come in after the fact with enforcement actions," she said, which are sometimes appropriate but worrying when they relate solely to registration violations.

    "The role of a regulator is not to be silent about how to comply," she added, and "you can't just use regulation as a tool to shut down the industry."

    Peirce's opinions on crypto vastly differ from those of SEC Chair Gary Gensler, who has said numerous times that the crypto space is fraught with noncompliance, and there are already sufficient laws in place that the industry can follow.

    Peirce, one of the two Republicans out of the five commissioners, said she is especially concerned about driving activity outside the U.S., which is already happening, as many U.S.-based crypto projects are conducting their business overseas. "I would rather have that innovation happen here," she added.

    Effect of fast-paced rule-making

    When asked about the pace of the SEC's rule-making — which many industry groups have criticized for the volume and complexity of proposals introduced — Peirce said, "it's very problematic."

    "It is understandable that the chairman of the agency has a lot of ambitions about what kinds of things should change and how those changes should happen," she said. "But if you want to do things right in a regulatory agency like ours, I really think you have to be gradual in how you do things, and you have to really be deliberate and get a lot of input."

    While there are valuable comment letters coming in for each proposal, "I'm getting deprived of having the full value of the input that I need" due to a condensed time frame, Peirce said.

    If given more time, she said, the SEC would likely receive more substantive comment letters and data to consider for each proposal.

    Roundtables are "a very undervalued tool," she added, that the SEC could use "to work through identifying where the real problems are, and then figuring out what reasonable solutions to those problems would be. But again, those take time, and so we're not doing them."

    "I would like to spend more time on each of these individual rule-makings," Peirce said. "But when you've got them coming fast and furious, you've just got to make decisions about how you allocate your time as well."

    Related Articles
    Industry groups call on SEC to withdraw AI proposal
    New SEC Names Rule getting mixed reaction from industry
    Recommended for You
    Mark Uyeda speaking at a podium.
    SEC doing ‘retrospective review’ of proposed rules, considering withdrawals, Uyeda says
    SEC logo on the side of a building.
    SEC extends compliance dates for Treasury clearing rule
    magnifying glass on stack of papers 1550_i.jpg
    Private credit growth, super funds' influence on capital markets under Australian regulator's scrutiny
    OCIO: A Specialized Landscape
    Sponsored Content: OCIO: A Specialized Landscape
    Sponsored
    White Papers
    The State of Lifetime Income Report
    The Next Wave of LDI Evolution
    Retirement security to future income wins, TIAA brings you the latest financial…
    U.S. Public Funds Top Performers: Q2 2024
    Generative AI Investing: Opportunities at a Key Tech Inflection Point
    Research for Institutional Money Management: Advancing Physical Risk Modelling,…
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    October 23, 2023 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Custom Content
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2025. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Artificial Intelligence
      • CIOs
      • Consultants
      • Defined Contribution
      • ESG
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Partner Content
      • Private Credit
      • Pension Funds
      • Private Equity
      • Real Estate
      • Regulation
      • Special Reports
      • Washington
      • White Papers
    • International
      • U.K.
      • Canada
      • Europe
      • Asia
      • Australia - New Zealand
      • Middle East
      • Latin America
      • Africa
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Influential Women in Institutional Investing 2024
      • Eddy Awards
    • Resource Guides
      • Active Thematic Global Equities
      • Retirement Income
      • Fixed Income
      • Pension Risk Transfer
      • Pooled Employer Plans (PEPs)
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • ESG Investing | Industry Brief
      • Innovation in ESG Investing
      • ESG Rated ETFs
      • Divestment Database
    • Defined Contribution
      • Latest DC News
      • The Plan Sponsor's Guide to Retirement Income
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • DC Plan Design: Improving Participant Outcomes
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Research Center
      • The P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
    • Print