CryptoMediaClub
Thursday, October 30, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

SEC Commissioner Hester Peirce Calls Out SAB 121, Claims Agency is “Scaring People Off”

03.04.2024
A A
0
130
VIEWS
ShareShare

SEC Commissioner Hester Peirce criticized her own agency and its controversial staff accounting bulletin, SAB 121, during Tuesday remarks at the Practicing Law Institute’s 2024 SEC Speaks annual event, claiming the federal agency is “scaring people off.”

A Weed In The SEC’s Secret Garden

To kick off her speech, Peirce referred back to her 2019 SEC Speaks remarks where she compared the SEC to a secret garden where “the maze of staff guidance” may be “inconsistent with a plain reading of the rulebook.”

“Nobody can challenge these diktats because they are not final agency action, but compliance is mandatory for an entity wishing to avoid SEC delays, denials, and enforcement and examination scrutiny,” Peirce said. “So everybody silently complies.”

The SEC Commissioner further likened SAB 121, which mandates that publicly traded companies safeguarding crypto assets must list both assets and liabilities on their balance sheet, to a “weed” that has “sprung up in the secret garden.”

“SAB 121 arguably does not protect investors,” Peirce said. “Its capital implications keep out of the business many banks and broker-dealers that have long years of custody experience.”

SEC Commissioner Criticizes SAB 121

Put together by the Office of the Chief Accountant (OCA), the SEC Commissioner went on to suggest the agency’s creation of SAB 121 could qualify as regulatory overreach, noting that the Government Accountability Office (GAO) ruled that the SEC should have submitted the accounting bulletin to Congress.

“To make matters worse, OCA issued—orally at a conference of accountants—a multi-pronged framework for applying SAB 121 to broker-dealers,” Peirce continued. “The Commission has not published that framework or any subsequent staff efforts to clarify the framework’s scope, but many auditors and broker-dealers are treating it as binding.”

The SEC is a regulatory agency with an enforcement division, not an enforcement agency. Why are we leading with enforcement in crypto?

— Hester Peirce (@HesterPeirce) May 3, 2022

Peirce expressed that the accounting bulletin has wide-ranging effects stemming from “driving broker-dealers to allocate significant capital to their crypto custody businesses” or simply avoiding “the business altogether.”

Heavy Regulations Are “Scary People Off”

The SEC has long been scrutinized for its regulation-by-enforcement approach under Chair Gary Gensler, which has seen a number of key players across the crypto industry hit by litigation from the federal agency, including Kraken, Coinbase and Ripple.

Peirce seemingly chided the agency’s direction under Gensler, claiming that the heavy-handed enforcement strategy may be doing more harm than good by “scaring people off” to having discussions about regulation

“The Commission’s announcement of a large ramp-up in its cyber-and crypto-enforcement unit, repeated assertions that the crypto industry is lawless, and treatment of cyber-incidents as fertile ground for enforcement actions add to these fears,” she continued.

Peirce’s comments mark the latest development in the emerging world of crypto regulation and may signal greater overall dissatisfaction with the direction the SEC is heading in by its own employees.

The post SEC Commissioner Hester Peirce Calls Out SAB 121, Claims Agency is “Scaring People Off” appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

Nordea to Offer BTC-Linked Synthetic ETPs From December — European Crypto Market Maturing?
All news

Nordea to Offer BTC-Linked Synthetic ETPs From December — European Crypto Market Maturing?

30.10.2025
0

Nordea, one of the largest banks in the Nordics, will begin offering Bitcoin-linked synthetic exchange-traded products (ETPs) to its customers...

Read moreDetails
Australian Police Seize $6M in Crypto After Analyst Exposes Manipulated Seed Phrase

Australian Police Seize $6M in Crypto After Analyst Exposes Manipulated Seed Phrase

30.10.2025
Cardano Price Prediction: Crypto Analysts Point to Break Above Symmetrical Triangle and Bullish Accumulation – Is ADA About to Hit $1 In November?

Cardano Price Prediction: Crypto Analysts Point to Break Above Symmetrical Triangle and Bullish Accumulation – Is ADA About to Hit $1 In November?

30.10.2025
CZ Vs Senator Warren: Binance Founder Threatens Lawsuit Over Money Laundering Claim: Report

CZ Vs Senator Warren: Binance Founder Threatens Lawsuit Over Money Laundering Claim: Report

30.10.2025
Alleged Mastermind Behind $31M FINTOCH Exit Scam Arrested in Thailand

Alleged Mastermind Behind $31M FINTOCH Exit Scam Arrested in Thailand

30.10.2025
Load More
Next Post
Top Crypto Gainers Today on DEXScreener – HashAI, SOLIDX, SUSAN

Top Crypto Gainers Today on DEXScreener – HashAI, SOLIDX, SUSAN

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Ethereum co-founder Vitalik Buterin moves $1M of ETH to Coinbase

Ethereum co-founder Vitalik Buterin moves $1M of ETH to Coinbase

2 years ago
Revolut Prepares to Provide Payment Services in UAE

Revolut Prepares to Provide Payment Services in UAE

2 months ago
Central Bank of Nigeria Lifts Ban on Banks and Crypto Companies Interaction

Central Bank of Nigeria Lifts Ban on Banks and Crypto Companies Interaction

2 years ago
Brian Armstrong promised me $100 in Bitcoin — so where is it?

Brian Armstrong promised me $100 in Bitcoin — so where is it?

3 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Fed cancels December rate cut, 18% chance of hike, slowing Bitcoin rally

Cardano Price Prediction: Crypto Analysts Point to Break Above Symmetrical Triangle and Bullish Accumulation – Is ADA About to Hit $1 In November?

CZ Vs Senator Warren: Binance Founder Threatens Lawsuit Over Money Laundering Claim: Report

Alleged Mastermind Behind $31M FINTOCH Exit Scam Arrested in Thailand

Hong Kong Regulator Tightens Watch on Crypto Treasuries, Plans Public Awareness Push

Mastercard Is Finalizing $2B Deal for Crypto Settlement Platform Zerohash: Report

Trending

Nordea to Offer BTC-Linked Synthetic ETPs From December — European Crypto Market Maturing?
All news

Nordea to Offer BTC-Linked Synthetic ETPs From December — European Crypto Market Maturing?

30.10.2025
0

Nordea, one of the largest banks in the Nordics, will begin offering Bitcoin-linked synthetic exchange-traded products (ETPs)...

Why $13B in Bitcoin options expiring this week is a price nothing burger

Why $13B in Bitcoin options expiring this week is a price nothing burger

30.10.2025
Australian Police Seize $6M in Crypto After Analyst Exposes Manipulated Seed Phrase

Australian Police Seize $6M in Crypto After Analyst Exposes Manipulated Seed Phrase

30.10.2025
Fed cancels December rate cut, 18% chance of hike, slowing Bitcoin rally

Fed cancels December rate cut, 18% chance of hike, slowing Bitcoin rally

30.10.2025
Cardano Price Prediction: Crypto Analysts Point to Break Above Symmetrical Triangle and Bullish Accumulation – Is ADA About to Hit $1 In November?

Cardano Price Prediction: Crypto Analysts Point to Break Above Symmetrical Triangle and Bullish Accumulation – Is ADA About to Hit $1 In November?

30.10.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz