TL;DR

• SEC Commissioner Hester M. Peirce has just taken a hard stance against SEC Chair, Gary Gensler’s approach to crypto regulation, penning a statement on the SEC's website.

• Hester comes out swinging, with the following: “Stagnation, centralization, expatriation, and extinction are the watchwords of this release.”

• “Rather than embracing the promise of new technology as we have done in the past, here we propose to embrace stagnation…Accordingly, I dissent.“

• We kinda want a t-shirt with her face on it...is that crazy? (Or should we do this??)

Full Story

Have you ever read articles from us that oppose SEC Chair, Gary Gensler's approach to crypto regulation and thought:

"Ok, fair point. But of course you're not going to like heavy handed crypto regulation. You're a Web3 publication..."

You know what, that little voice ain't wrong!

Not only are we likely to be biased, based on what we do - but also: we're not regulatory/compliance lawyers.

All of this regulation talk from Gary seems heavy handed, but we don't have the context of professional experience.

But you know who does? SEC Commissioner Hester M. Peirce.

If you're looking for a solid excuse to reinforce your opposition to Gary's Gensler's opaque method of regulation - Hester's got your back.

You see, she's just taken a hard stance against Gary's approach, penning a statement on the SEC's website, titled:

"Rendering Innovation Kaput: Statement on Amending the Definition of Exchange."

Hester comes out swinging, with the following:

“Stagnation, centralization, expatriation, and extinction are the watchwords of this release. Rather than embracing the promise of new technology as we have done in the past, here we propose to embrace stagnation, force centralization, urge expatriation, and welcome extinction of new technology. Accordingly, I dissent.”

The statement came in reaction to Gary's new goal of changing the definition of securities exchanges (aka stock exchanges), to include crypto.

(Long story longer: if crypto were to be treated the same as securities, it would crush the industry in the US).

The takeaway:

Hester knows what she's talking about and is driving dissent against heavy handed crypto regulation, from within the SEC.

We kinda want a t-shirt with her face on it...is that crazy?

(Or should we do this??)