SEC Securities Commissioner Gester Pierce, which Congress nominated for this position in December 2017, said that the agency should reconsider its attitude towards ICO and Blockchain in the direction of greater benevolence.
Now the SEC actually is performing punitive functions, which is due to its staffing – most professionals are from the Division of Law Enforcement, that is, the department for dealing with law enforcement agencies. This, according to Pierce, turned the SEC into a police force for the crypto-industry in the US, and a consultative role in the ICO assessment was never realized.
According to the Commissioner, the agency should become more loyal in relation to cryptocurrency start-ups. The first step is to create a help section and FAC on the SEC site, similar to what the Japanese financial regulator did.
It is not excluded that the Pierce initiative was dictated by the outflow of start-ups into the “cryptocurrency valley” outside the US, mainly in Malta, Switzerland and Singapore. A change of tone in respect of the ICO will make US jurisdiction more attractive for start-ups.