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The US Securities and Exchange Commission (SEC) has been facing scrutiny from the digital assets industry over unclear regulations for a long period now. This time Commissioner Hester Peirce known in crypto circles as ‘<a href="https://news.todayq.com/secs-crypto-mom-discusses-future-of-bitcoin-etfs-cbdc/" rel="noopener noreferrer nofollow">Crypto Mom</a>’ came forward to criticise the SEC’s guidance on crypto custody. However, Coinbase’s CLO seems to agree with Peirce’s statements. Coinbase CLO on SEC’s guidance Paul Grewal, Chief Legal Officer of Coinbase, agreed with Commissioner Hester Peirce’s recent remarks at the SEC Speaks Conference. The comments particularly highlight a suggestion for the creation of an advisory committee that will include chief compliance officers.&nbsp;He mentioned that the proposal given by the crypto mom is both creative and beneficial for the commission. Grewal added that it should be unobjectionable to anyone not focused on a political agenda at the SEC.In a recent SEC Speaks conference, Hester Peirce condemned the commission’s guidance citing the controversial Staff Accounting Bulletin 121 (SAB 121). She defined SAB 121 as a big obstacle to experienced banks and broker-dealers that are entering the crypto custody business due to its capital implications. It is important to note that this does not necessarily protect investors.The speech shows that Peirce also voiced concerns about the SEC’s closed off approach in engaging with the public. However, more specifically regarding emerging technologies like crypto.&nbsp;She highlighted a shift in the watchdog’s culture at the top. It had led to a lack of substantive discussions with the staff out of fear of enforcement actions. Will watchdog listen? Coibase is already dealing with the legal complications pushed by the SEC. Paul Grewal’s sentiments of advocating for the commission to restore open communication with the public is not a new thing. The crypto exchange had already asked for clear guidance to foster responsible innovation,&nbsp;His support of Peirce’s proposal for the creation of an advisory committee shows the intent to gain a better understanding of how rules operate in practice.These major statements landed in the market when the crypto market is dealing with turbulence. The cumulative digital asset market cap has been on a decline for straight three days. It dropped by around 2% over the last 24 hours to stand at $2.5 trillion.Bitcoin price had dropped by over 4% in the last 7 days, while, it managed to post marginal recovery in the last 24 hours. BTC is trading at an average price of $66,631, at the press time.

Coinbase CLO echoes ‘Crypto Mom’ call for advisory committee

Todayq News

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