The Security Exchange Commission is abuzz as two of the regulator’s commissioners took to social media to show their dissatisfaction over the SEC’s Chairperson’s newly published,’ Regulatory Flexibility Agenda.’
United States Securities and Exchange Commission (SEC) commissioners Hester Peirce and Elad Roisman have expressly shown their disapproval over the commission’s chairperson Gray Gensler’s new Regulations directive.
The commissioners’ reprisals came after Gensler released the regulatory initiative he labeled ‘Regulatory Flexibility Agenda.’
They claimed they were disappointed in Gensler’s novel initiative for its failure to address the most pressing issue that the commission was in charge of, the digital assets class and the regulatory difficulties it instills.
They added that Gensler’s Agenda was too ambitious in scope.
SEC’s Failure As A Relevant Regulator
The commissioners have realized that the cryptocurrency and digital assets sector is crucial to continuing the US relevance in the forthcoming new era.
As the commission’s chairperson, Gensler has failed to address these difficulties in any capacity. Instead, he has focused on traditional issues that the SEC is already conversant with.
This messy scenario has shown his failure in a leader’s capacity, evidenced by the heavy criticism he is under from all affiliated parties, not excluding the scrutiny from the just-concluded US Financial Services Committee’s hearing.
Under Gensler’s leadership as chair to the SEC, the commission has failed to develop reasonable or comprehensive regulation and Compliance guidelines that will allow businesses and organizations in the digital assets space to interact appropriately amongst themselves and the DeFi space, including securities that digital assets afford.
Rather than doing the needful, the agency has maintained a long period of silence which has increased confusion regarding compliance acts in the country.
The SEC has undertaken numerous enforcement actions against various firms in the cryptocurrency industry this year. All the cases the commission has overseen have been messy as most firms decide to settle the enforcement actions through court cases citing that they weren’t aware that they were non-compliant.
Gensler has continually urged institutions and industry leaders of the crypto industry to converse with them at the SEC, but the various parties have done just that, but nothing changed.
Increase Outcry For Comprehensive Regulations and Compliance Framework
The clamor for a unified regulatory and compliance framework by members of the crypto community nationwide is at an all-time high as the lack thereof is threatening the industry’s foundation in the country.
The recent congressional hearing that saw crypto industry leaders sit down with legislators, regulators from the SEC and CFTC, and finance experts was an avenue that investors and members of the crypto community in the nation voiced their grievances.
The shift in the attitude of Congress is evidence of the increasing traction and relevance of the cryptocurrency industry in the country.
Congressmen and women were interested in various aspects of the digital assets sectors, wanting to understand better what needs to be put in place to further the development of the industry at a regulated pace and in a regulated manner.