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coinpedia 2024-12-10 06:18:35

SEC’s Hester Peirce Pushes for Crypto Clarity Amid “Operation Chokepoint 2.0” Concerns

The post SEC’s Hester Peirce Pushes for Crypto Clarity Amid “Operation Chokepoint 2.0” Concerns appeared first on Coinpedia Fintech News In a recent interview with Fox Business, SEC Commissioner Hester Peirce, often referred to as “Crypto Mom,” highlighted the need for regulatory clarity in the cryptocurrency industry. Eleanor Terret posted on X that she addressed concerns around “Operation Chokepoint 2.0,” a term used to describe the ongoing regulatory crackdowns, and laid out a vision for how the SEC could better support the existing crypto space under potential new leadership during Donald Trump’s presidency. NEW: @SECGov Commissioner @HesterPeirce just alluded to “Operation Chokepoint 2.0” in her interview with @LizClaman on @FoxBusiness and also outlined the 3 things she thinks need to be done under @realDonaldTrump ’s new SEC to help give the #crypto industry some clarity. 1.… — Eleanor Terrett (@EleanorTerrett) December 9, 2024 Stressing fair rules, Peirce argued that the SEC needs to rethink its approach to cryptocurrencies to help the industry grow. She wants to remove unnecessary barriers, like restrictions on crypto services, so businesses can innovate without being held back. She also stressed the need to clearly define which digital assets are considered securities and what falls under SEC regulations. This would give businesses and investors more certainty. Plus, Peirce believes regulators should work closely with the crypto industry, gathering public input to make the rules fairer and more practical. Crypto Reaction While Hester Peirce’s suggestions to clarify SEC regulations have gained some support, there is still skepticism. Critics, like David Barrera, CEO of Enumma fear that her approach could result in more cryptocurrencies being classified as securities, which the crypto community opposes. The key concern is finding a balance between necessary regulation and allowing the industry to continue growing without too much restriction. David Sacks, AI, and Crypto Czar also believe Operation Chokepoint 2.0 will unfairly target crypto businesses. He points to Silvergate Bank, which collapsed despite being financially stable, blaming regulators for making it harder for the bank to work with crypto companies. Sacks wants an investigation into these actions, saying they hurt innovation in the crypto world. As the new Crypto Czar, he’s pushing for fair rules to help the industry grow without unnecessary restrictions. On the Flip Side Concerning the ongoing crypto fear, Coinbase recently revealed documents showing that the FDIC told banks to stop providing services to crypto businesses in 2022. These documents were obtained through a public records request. Coinbase’s Chief Legal Officer, Paul Grewal, pointed out that this proves there was a coordinated effort to limit access to banking for the crypto industry. This is a much debatable topic as any rules created in the heat of the moment may have long-term implications on the entire crypto space which is waiting for clear and unfair rules.

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