SEC Commissioner Hester Peirce has been pushing for the SEC to take a less cautious approach towards the innovation on ETF’s. She has said in the past that the SEC shouldn’t be the gatekeepers for innovation, yet in reality, they are trying to be.

This is a quick reminder of some of the important points and comments she has made in the past about crypto markets as a whole or the potential for an ETF.

Hester Peirce, SEC Commissioner, has been a big advocate for a Bitcoin ETF for almost a year now. Many times has she defended the cryptocurrency space and it all leads back to the same point, the SEC shouldn’t stifle innovation due to over or under regulation.

“It is not the SEC’s overzealous action that has stifled the crypto industry, but its unwillingness to take meaningful action at all.” -Hester Peirce

About a month ago she said that she believes that the SEC is, in fact, stifling innovation due to their lack of clear regulations. And goes further by making an important point that their job is to provide clear regulation, but they haven’t.

“It is, therefore, our duty as a regulator to provide the public with clear guidance as to how people can comply with our law. We have not yet fulfilled this duty.” -Hester Peirce

She has also been open about her feelings on how the SEC shouldn’t have denied the Winklevoss twins ETF application and writing an article about her dissent.

“I reject the role of gatekeeper of innovation—a role very different from (and, indeed, inconsistent with) our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets. Accordingly, I dissent.” – Hester M. Peirce

The last quote is something that should be common knowledge, yet it isn’t. Ignorant people have called for the SEC to “shut down” cryptocurrencies, yet they don’t understand that it is impossible for them to do that. So, instead of fighting it, embrace it and help it flourish so the country also benefits from this innovation. Hester Peirce understands that it is about time others do too.

“It is time for us to tackle the remaining legitimate legal questions in a way that does not throw merit-based obstacles in the way of socially beneficial innovation. As I said last year, regulators are not in charge of the creative process. We should not be trying to guide innovation, but we also should recognize that we cannot stop it and embrace the potential for positive change that innovation offers. Our silence is likely to simply push this innovation and any attendant economic growth into other jurisdictions that have done their work and provided clear guidelines for the market participants to follow. The U.S. securities markets have historically been the envy of the world; I do not want heel-dragging by the SEC in crypto to mar that well-deserved reputation.” -Hester Peirce

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