Was FTX Gary Gensler’s Fault? Unclear Laws Created a ‘Haven for Bad Actors’, Says Hester Peirce – BitRss

Less than a day after the SEC formally dismissed its lawsuit against Coinbase, the chief of the agency’s new crypto task force appeared to blame the policy developed by the agency’s former chair, Gary Gensler, for the proliferation of fraud in the industry over the last several years.

In a statement published Friday, SEC Commissioner Hester Peirce argued that by targeting the crypto sector with far-reaching enforcement actions and pointedly declining to create industry-specific rules, the agency actually increased the proliferation of fraud and malfeasance under former President Joe Biden. 

“The decision by the previous Commission to shift [its regulatory] function to the Division of Enforcement by engaging in a large-scale regulation-by-enforcement initiative harmed the American public, adversely affected the industry, and impeded the ability of the Commission’s skilled and …