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Bob Hale
@bobhale
Last month, the SEC formed a crypto taskforce. SEC Commissioner Hester Peirce has been chosen to lead this group, let’s take a dive into what she wants for crypto in the US and her political background… 🧵
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Bob Hale
@bobhale
Peirce has been a commissioner since the last Trump administration and has consistently been an advocate for crypto, especially for crypto-specific regulation and legislation which most with a vested interest would agree is a better option than crypto being regulated along the guidelines of non-digital assets etc.
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Bob Hale
@bobhale
However, Peirce is a conservative first and foremost. I hesitate to use the blanket term of “Republican” because while she is, her brand of conservatism fits in more with the billionaire ultra-free market class than it does the anti-immigration populists
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Bob Hale
@bobhale
Prior to her appointment as an SEC Commissioner Peirce was highly critical of binding SEC regulations such as CEO pay ratio and environmental disclosures, calling them “pointless” – Peirce has always argued for a much looser approach to regulating big business
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Bob Hale
@bobhale
Going further, Peirce even once wrote that regulatory agencies should have less power over agency directives. Interesting to see how she approaches that now that she is a regulator?
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Bob Hale
@bobhale
Yes, but she still follows this and in 2023 tweeted that the SEC should not lead on crypto enforcement as enforcement is not its only responsibility – so despite being a persistent advocate for a crypto-specific regulatory framework, Peirce is largely anti-enforcement? This seems somewhat contradictory for a regulator, what is the point of regulation on markets if it goes unenforced?
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Bob Hale
@bobhale
So while the heavy crypto investors and those with millions and billions at stake may see favourable regulation, the actual frameworks created for crypto may not even be effectively enforced…
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Bob Hale
@bobhale
Don’t be fooled by crypto values doing well and seeing increased investment into them, the SEC and the Government wants to harness the financial powers of crypto to the advantage of the elite class
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Bob Hale
@bobhale
If this sort of thing interests you, drop me a follow. Tomorrow I’ll be casting some work on the priorities for crypto of this new SEC taskforce
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