Crypto Mom Hester Peirce Finds Humor In The SEC Regulatory Delays

Crypto Mom Hester Peirce found humor in the SEC’s explanation for delaying the approval applications for crypto exchanges such as Coinbase. In the latest cryptocurrency news below, we find out more why they had to postpone it.

FINRA and U.S. regulators put out a joint statement explaining why they had to delay the approval applications from exchanges including Gemini and Coinbase which requested to receive licenses to operate as broker-dealer platforms. The statement comes right after people were starting to lose their patience including some of the key players in the industry. The SEC commissioner a.k.a Crypto Mom Hester Peirce found it funny that the SEC is stalling and she tweeted:

‘’If figuring out how to deal with the SEC on crypto issues feels like a regulatory version of an escape room, here’s the latest clue: https://www.sec.gov/news/public-statement/joint-staff-statement-broker-dealer-custody-digital-asset-securities …’’

Due to the long wait for approvals, crypto traders were divided. The first group believed that there was an embargo on broker-dealer approvals for the crypto related companies. The second group thought that FINRA is just being careful. Among the many applications that waiting for approval is Coinbase which showed interest in 2018 and Gemini which also joined the party last month. Both of the companies operate custody services but have a long period of waiting before they are granted licenses to operate as brokers or dealers.

The joint statement from yesterday clarifies that the holdup is because they are making sure that the current consumer protection laws provide sufficient regulatory cover. The statement also identifies issues such as considering digital currencies as securities under the 1970 Securities Investor Protection Act. The statement also explains that the approval for other forms of assets is also much easier since using digital currencies as securities is a very complicated affair.

As explained previously in the coming altcoin news, the issue of digital assets not meeting the SIPA standards is one of the biggest issues that brokers are facing. Conventional custodians with broker-dealer licenses are required to use a third-party service in order to hold the assets in question.
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With other assets, investors and regulators can trace the destination of securities and then carry out reversals.