“SEC can do Better on Clarity on Regulations” Says SEC Commissioner Hester Pierce

RIpple Lawsuit

In a recent interview SEC commissioner aka Crypto Mom Hester Pierce said SEC can do better on clarity of regulations as enforcement should not be the only way to provide guidance. It should be noted that the hearing for the lawsuit is due in virtual court on Feb. 22nd, 2020 losing which XRP might be un-tradable at many exchanges.

Hester Pierce Aka Crypto Mom Suggests More Clarity is Required on Regulations

As per the interview Hester Pierce declined to comment on upcoming Ripple Lawsuit hearing on 22nd February and said that quote,

“In enforcement actions, it’s often a unanimous vote, but it’s sometimes not — once that vote has been taken, the litigation moves forward,”

A noteworthy point brought up in the interview was that both bodies FinCEN and SEC are in misalignment with respect to XRP being called a security. In 2015, Financial Crimes Enforcement network [FinCEN] called XRP to be currency while SEC is now strictly opposite to that definition.

On questions regarding whether XRP is a security or not, Pierce said quote,

“I think that’s not only a problem with respect to digital assets, it’s actually a broader problem because we have this very open-ended category called an ‘investment contract. “

Earlier SEC in a statement called XRP a security and filed a $1.3 Billion lawsuit against Ripple and its executives. The news was followed by delisting of cryptocurrency XRP across major exchanges leading to more than 90% decline in XRP price.

In past SEC has taken actions against crypto projects like Kik’s KIN Token ICO and telegram’s TON token.

 

The post “SEC can do Better on Clarity on Regulations” Says SEC Commissioner Hester Pierce appeared first on Coingape.

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