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“Nowhere Else In The World Was Such Open Dissent Amongst Appointed Leaders On Display”

By Eric Peters, CIO of One River Asset Management

“Rather than embracing the promise of new technology as we have done in the past, here we propose to embrace stagnation, force centralization, urge expatriation, and welcome extinction of new technology,” said SEC Commissioner Hester Pierce, a registered Republican, first nominated to the SEC by Obama in 2015, appointed by Trump in 2017, and will serve through 2025.

“Accordingly, I dissent,” she said, directly to Chairman Gensler and the three additional Commissioners who collectively lead the SEC.

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“No longer does this Commission consider the real-world effects of its exercise of authority. No longer does this Commission think creatively about regulatory alternatives that advance the Commission’s mission while preserving space for potentially disruptive innovation. No longer does this Commission worry that regulatory bullheadedness often produces absurd consequences,” said Hester, a courageous public servant in a world short of inspired leaders, determined to call things as she sees them.

“Rather, today’s Commission aggressively expands its regulatory reach to solve problems that do not exist. Today’s Commission treats its basic approach to exchange regulation as something that must not – indeed cannot – be altered to allow room for new technologies or for new ways of doing business,” she said.

“The release sends a message that we are uninterested in facilitating innovation and competition in the financial markets and instead seek to protect incumbents. Accordingly, although I am generally supportive of reopening comment periods where it is clear that the Commission will benefit from further good faith engagement with the public, I cannot support what the Commission is doing in this release,” said Hester.

Nowhere else in the world was such open dissent amongst appointed leaders on display. And it doesn’t matter whether you agree or not with Pierce’s position on the matter of distributed ledger technological innovation, it is the spirit and substance of her public stand that reminds us of what makes America great.

For the complete SEC Commissioner Hester Pierce speech [click here].

Tyler Durden
Sun, 04/16/2023 – 20:30

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