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SEC’s Hester Peirce Pushes for Clearer Crypto Rules Under Trump: Is This a New Era for Bitcoin and Altcoins?

by Sham
December 11, 2024
in CRYPTO, OPINION, POLITICS
Reading Time: 4 mins read
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  • SEC Commissioner Hester Peirce outlined a vision for the agency’s crypto regulatory strategy under President-elect Donald Trump, focusing on stopping practices like “Operation Chokepoint 2.0” that undermine crypto’s banking access.
  • Peirce’s reforms prioritize clearly defining the SEC’s regulatory scope over digital assets and working with crypto companies to determine how current rules apply to the industry.
  • Her remarks come amid renewed scrutiny of Operation Chokepoint 2.0, with Coinbase revealing documents it claims show evidence of efforts to limit the crypto industry’s access to financial services.

SEC Commissioner Hester Peirce has recently voiced her stance on the need for reforms in the crypto industry under the leadership of President-elect Donald Trump‘s SEC. She has outlined a vision for the agency’s crypto regulatory strategy, emphasizing the need to halt practices like “Operation Chokepoint 2.0”, which is believed to stifle crypto’s access to banking services.

Hester Peirce’s Vision for Crypto Regulation:

In a recent interview on Fox Business, Commissioner Peirce detailed three key areas of focus to address what she perceives as significant hurdles inhibiting the growth and clarity of the crypto industry. The primary target is the controversial “Operation Chokepoint 2.0” initiative, which critics argue is a government-led attempt to limit the crypto sector’s access to banking and financial services. Peirce emphasized the importance of halting these restrictive practices as a first step towards a more inclusive crypto environment.

Clarifying the SEC’s Regulatory Scope

The second aspect of Peirce’s reform plan involves clearly defining the SEC’s regulatory jurisdiction. This initiative is intended to clear up any confusion about which digital assets fall under its purview. She stressed the need for an explicit understanding of which assets are not classified as securities and, as such, do not need to adhere to the financial watchdog’s framework.

Promoting Collaboration between Regulators and Crypto Companies

Peirce’s third and final recommendation called for a more collaborative effort between regulators and crypto companies. This would help to determine how existing rules apply to the industry and where changes might be necessary. She advocated for a transparent process where all parties can participate, expressing optimism that meaningful progress could be made swiftly.

grip.globalrelay.com

Spotlight back on “Operation Chokepoint 2.0”

The Commissioner’s comments have brought renewed attention to “Operation Chokepoint 2.0”. This came after Coinbase disclosed a document in November that included FDIC pause letters, which it claims serve as proof of the crypto industry’s suppression. The exchange’s legal team contends that these letters, obtained through a Freedom of Information Act (FOIA) request, confirm underhanded tactics used by federal agencies to limit crypto firms’ access to financial services.

Calls for Investigation and Concerns about Global Impact

U.S. Representative French Hill has also pledged to probe “Operation Chokepoint 2.0”, describing it as a politically motivated debanking campaign targeting the sector. Similarly, Cardano founder Charles Hoskinson has also voiced worries about the operation’s global impact, describing it as a concerted effort to harass, fine, audit, and deny services to crypto businesses worldwide.

Conclusion

As the crypto industry continues to evolve, the need for clear and supportive regulation becomes increasingly crucial. Peirce’s call for reforms and her focus on halting practices like “Operation Chokepoint 2.0” highlight the need for a more inclusive financial framework that supports the growth and development of the crypto industry. As the dialogue around these issues progresses, it will be interesting to see what changes the Trump administration’s SEC will bring.

Tags: cryptoDonald TrumpHester Peircesec
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