The SEC dismissed its lawsuit against industry giant Coinbase, a crypto spot exchange, the agency announced Feb. 27, with Peirce speaking out in support of the move. She contended in a statement issued the same day that the SEC’s policy divisions should be addressing crypto.
“The decision by the previous commission to shift this function to the division of enforcement by engaging in a large-scale regulation-by-enforcement initiative harmed the American public, adversely affected the industry, and impeded the ability of the commission’s skilled and dedicated professional staff to use their expertise as it was intended to be used,” Peirce added in the statement.
In a separate move on Feb. 27, the SEC’s division of corporation finance issued a staff statement on meme coins, writing that the coins “do not involve the offer and sale of securities under the federal securities laws,” and therefore “neither meme coin purchasers nor holders are protected by the federal securities laws.”
“I think it's good to remind people that we have a bounded jurisdiction,” Peirce said of the statement on March 5. “And despite the past several years, we are trying to stay within those bounds now.”
Separately, Peirce said the SEC is willing to work with Congress on developing crypto legislation, and ultimately, once they have a law in place, “we stand ready to implement whatever they have.”
