SEC Commissioner Hester Peirce has strongly criticized the agency's recent decision to target the crypto exchange Kraken, forcing the company to scrap its popular staking program and pay a $30 million fine.
What Happened: In an official letter of dissent, Peirce — known as the SEC’s “Crypto Mom” for her strong pro-crypto stance —strongly objected to the agency's repeated attempts to regulate the industry through enforcement.
"Using enforcement actions to tell people what the law is in an emerging industry is not an efficient or fair way of regulating," Peirce wrote. "Moreover, staking services are not uniform, so one-off enforcement actions and cookie-cutter analysis does not cut it.”
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Accusing companies in a new, emerging industry of wrongdoing without providing clear guidance on what is acceptable is both "paternalistic" and "lazy," she said.
“A paternalistic and lazy regulator settles on a solution like the one in this settlement: do not initiate a public process to develop a workable registration process that provides valuable information to investors, just shut it down.”
Dogecoin DOGE/USD co-founder Billy Markus on Twitter thanked Peirce for “being a person that actually understands what they’re making decisions on.”
Price Action: DOGE was trading at $0.081 down 5.37% in the last 24 hours, according to Benzinga Pro.
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