SEC’s ‘crypto mom’ opposes the commission
SEC commissioner Hester Peirce, commonly called ‘crypto mom’ for her pro-crypto stance, leads those opposing Gary Gensler’s crackdown on digital assets. On April 14, Pierce faulted a proposal to have digital assets exchanges, and decentralized exchanges register with the commission. In her view, the regulator stifles innovation and competition with vague regulations.
“Stagnation, centralization, expatriation, and extinction are the watchwords. Rather than embracing the promise of new technology as we have done in the past, we propose to embrace stagnation, force centralization, urge expatriation, and welcome the extinction of new technology. Accordingly, I dissent, the crypto mom wrote.
Peirce commented when the commission met to open public comment on a proposal to widen the definition of an exchange, maintaining that the definition equally applied to decentralized exchanges.
Many critics are pushing back against the Gensler-led agency with the view that it was overreaching by having DeFi, which ought to be fully decentralized under its purview. A DeFi platform allows users to lend, borrow, or save without third parties.