U.S. Securities and Exchange Commission (SEC) member Hester Peirce took to Twitter on Tuesday to voice her opposition to the addition of 20 new jobs on the regulatory agency’s crypto enforcement squad.
“The SEC is a regulatory agency with an enforcement division, not an enforcement agency,” she tweeted on Thursday afternoon. “Why are we leading with enforcement in crypto?”
Earlier on Tuesday, the SEC announced plans to increase the headcount in its newly named Crypto Assets and Cyber Unit, which was previously known as the Cyber Unit, to 50 from the current 30. The agency described that unit – which resides in the Division of Enforcement – as being responsible for “protecting investors in crypto markets and from cyber-related threats.”
SEC Chairman Gary Gensler previously indicated in September that he had plans to expand the unit’s staff.
Dubbed “Crypto Mom” by many in the industry for being crypto savvy, Peirce has been a longtime opponent Gensler’s enforcement-heavy approach to regulation. Gensler has been reluctant to share specifics on how crypto companies can comply with regulations, instead choosing to regulate through enforcement actions.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.