Esther Pierce criticizes Gary Gensler's actions as SEC chair

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SEC Commissioner Esther Pierce published statements on the agency's website disagreeing with the regulatory policy pursued by the chairman of the Securities and Exchange Commission, Gary Gensler.

SEC Commissioner Hester Peirce has issued further criticisms of Commission Chair Gary Gensler's tenure.

"I don't agree that instead of making statements of support for innovative technologies, as we have done in the past, the SEC is going awaystagnation, proposes to force centralization, encourages emigration, and welcomesthe disappearance of new technologies," Pierce said.

According to Pearce, the Commission, under Gensler's leadership, is aggressively expanding the scope of its regulation to solve problems that do not exist.In particular, she is not satisfied with the fact that, in the understanding of the head of the SEC, the basic approach to exchange regulation is considered as something unshakable, leaving no room for new technologies or new ways of doing business.

EsterPierce considers it unacceptable that the SEC's mandatory registration requirements aredeclarative nature sounds like a threat to business.Especially in cases where this registration is impossible, due to the imperfection of the regulatory framework and the categorical refusal torule-making process.

Recall that on April 14, Gensler published a keynote speech where he announced the SEC's future plans to change the rules of supervision and regulation of the cryptocurrency industry.According to Gensler, the innovations should help investors and markets conduct financial transactions in a safe and controlled environment, including by subjecting cryptocurrency brokers to stricter regulatory scrutiny and modernizing the criteria that define a digital asset exchange.

"Make no mistake – many crypto trading platforms already fall under the current definition of an exchange and are therefore required to comply with securities laws.The purpose of the securities laws was to regulate investments, in whatever form they were made and by whatever name they were called," Gensler said.

According to the head of the SEC, the implementation of the plan will fill the regulatory vacuum left by digital asset platforms that carry outtrading in securities and their derivatives, but are not registered as exchanges or brokerage companies.The plan includes changing the language regarding digital assets, many of which Gensler claims havecharacteristics of securities and relate to its jurisdiction.

Previously Member of the Financial Services CommitteeUS House of Representatives Warren Davidson said he intends to soon submit to Congress a bill to remove SEC Chairman Gary Gensler from his post for destructive actions as head of the agency.