SEC Commissioner Criticizes own Commision for Fining Poloniex

Hester Pierce, a commissioner with the US Securities and Exchange Commission (SEC) has criticized her own agency for its penchant for carrying out enforcement actions against players in the crypto industry.

According to Pierce, the agency’s latest action against Poloniex, a crypto exchange, is an indication that the authorities “doubles down on the Commission’s enforcement-centric approach to crypto.”

Hester Pierce is widely referred to as crypto mom especially for her positive attitude towards the burgeoning digital asset space. In her defense for the digital exchange, Pierce stated that the period in which the SEC was fining the exchange was when the authorities themselves were trying to come round to what cryptocurrencies were. In her words, “during the period at issue here (mid-2017 through 2019), the Commission was moving very cautiously with respect to regulated entities’ engagement with crypto assets.” 

She added that this lack of assurance would only have affected the exchange’s ability to register as “it likely would have waited . . . and waited . . . and waited some more.”

According to a report published in May, before this new enforcement, the commission has taken enforcement actions against 75 other crypto companies and individuals who they feel had violated one of their many rules. Defi also met with its first enforcement action last week. 

In response to the one too many regulatory enforcements, SEC Chairman Gary Gensler believes his approach is geared towards protecting investors and, at the same, Satoshi Nakamoto’s Innovation. 

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