SEC’s “Crypto Mom” doesn’t offer unconditional love

Of note: The LBRY decision was “a low moment for the commission,” according to Peirce — “Somehow they got selected as being one of the projects we went after and it was heartbreaking to me to see that company shut down effectively.”

She cited the Impact Theory decision this summer — the agency’s first enforcement action against a non-fungible token (NFT) sale, as being another important moment.

“A lot of people looking at this are saying: ‘Wait a minute, if you took the same theory and applied it in a myriad of other contexts we would have so many things that were securities that this agency would be completely unable to regulate the markets because we’d be regulating chinchillas, Pokémon cards, baseball cards and Beanie Babies.'”

“And that doesn’t make sense,” she says.

“When it comes to crypto, we’re treating it differently than we’ve treated any of these other objects.”

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How would she know if things are changing: “If we actually acknowledged the lack of regulatory clarity as an institution,” she said, adding that another signal would be the agency working with folks in the industry.

What’s next: Peirce still plans to leave at the end of her term in 2025 to pursue things like beekeeping. “That’s the plan. I haven’t made a lot of headway. I don’t have bees yet.”

Source: SEC’s “Crypto Mom” doesn’t offer unconditional love