The U.S Securities and Exchange Commission (SEC) has long been a dominant body completely against the crypto industry. All the time the SEC just looks for an opportunity to drag the industry down. However, there exists one commissioner inside the SEC, who stands for the crypto industry profusely. Yes, the fondly acknowledged as the ‘Crypto Mom’ Hester Peirce, now stands against the SEC for the reckless fine of $10 million imposed on Poloniex.
The $10 Million Fine
The most affected by the crypto industry by the SEC are the cryptocurrency exchanges. Accordingly, the SEC has imposed a hefty fine of $10 million upon a renowned crypto exchange, the Poloniex.
The Poloniex is quite an established global cryptocurrency exchange supporting numerous altcoins and Bitcoin (BTC). Also, it is among the most trusted crypto exchanges in the U.S.A. However, the SEC’s recent actions have affected the crypto exchange like hell.
Moreover, the Poloniex has been operating from July 2017 to November 2019. Completely unregistered. In spite of this, considering it as an extreme offense the SEC declared a fine of $10 million to be imposed on Poloniex.
Furthermore, this has raised various speculations as the fine amount of $10 million is quite huge. Also, many speculate that the SEC should have some morality in their decisions.
As a result, the savior of crypto who is also a commissioner in part of the SEC steps forward raising her voice against SEC.
Crypto Mom’s Opposition
Upon SEC’s decisions declared officially on August 9, the very same day ‘Crypto Mom’ Hester Peirce took on the SEC. In spite of this, Hester Peirce put forth her opposition straight away in a public statement.
Moreover, Peirce took on the SEC stating that the overall framework on which SEC operates and takes such decisions is not regulated properly. Also, she insists that whatever be the guidelines on which the entire SEC is framed up should be transparent throughout the nation.
Furthermore, Crypto Mom brought out all the points on which the SEC is usually criticized. In addition, Peirce terms that many times the SEC has failed adversely when questioned regarding the overall digital assets sector.
Also, Hester Peirce states that the SEC has to first properly give out officially what are the proper required documents and licenses for an exchange to operate.
Additionally, crypto mom states that it’s completely pointless to fine Poloniex. Firstly, the SEC should make all the individuals who are part of the crypto industry clearly understand all the legal rules and regulations.
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