Peter Schiff, a prominent American stockbroker and Chief Economist at Euro Pacific Asset Management, asserts that the U.S. Securities and Exchange Commission (SEC) is exceeding its rightful authority. Schiff highlights the regulator’s unilateral modification of the “security dealer” definition, enabling it to regulate entities that do not meet the criteria.
Schiff said recently on X that the laws did not support the SEC’s actions because none has approved of this kind of regulation. He declared, “We are a country of laws, not bureaucrats.
Schiff made remarks in response to an SEC press release on Feb 6, announcing the adoption of two rules targeting market participants involved in specific dealer roles. Reports suggest that these new regulations aim to broaden the SEC’s reach, bringing a greater number of financial operations under its jurisdiction.
As per SEC Chairman Gary Gensler, the recently implemented regulations mandate that companies functioning as dealers must officially register as such with the Commission. He asserts that taking this measure will safeguard investors while fostering market integrity, resilience, and transparency.
Cryptocurrency Community Criticizes SEC Actions
However, Gensler went on to call the new regulations “common sense,” pointing out that Congress had not intended for certain dealers to be exempt from registration and regulatory procedures while others would. He states that unless a trader is excluded from the regulations, anyone engaging in trading in a way that is consistent with de facto market making needs to register with the Commission as a dealer.
The cryptocurrency community backed Schiff’s criticism of the SEC’s action, believing that the government is making mistakes. According to one respondent, “the bureaucrats have taken control,” putting their goals ahead of the law. He saw it as a development that was very different from what the American founding fathers had intended.
The attorney representing Ripple emphasized that the request for an extension adheres to the established litigation procedures in the current legal proceedings. As outlined in the filing, both Ripple and the SEC mutually suggested conducting a remedies discovery by Nov 9, 2023, with a 90-day timeframe for submission.
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