SEC’s closed-door policy stifling crypto innovation — Hester Peirce

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‘Crypto Mom’ called for more positive engagement with crypto firms and fewer enforcement threats from the SEC.

US Security and Exchange Commission Commissioner Hester Peirce has taken another swipe at her agency, criticizing the regulator’s guidance on crypto custody while calling for more interaction with the public. 

Speaking at the annual SEC Speaks Conference on April 2, Peirce — also known by crypto enthusiasts as ‘Crypto Mom’ — said that a “particularly pernicious weed” had sprung up in the SEC’s “secret garden” of policy guidelines. Her comments were made in response to the controversial Staff Accounting Bulletin 121 (SAB 121).

In March 2022, the SEC issued SAB 121, which outlines the regulator’s accounting guidelines for institutions looking to custody crypto assets. Notably, SAB 121 prevents many banks from custodying crypto assets on behalf of clients.

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