Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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SEC Empowers Enforcement Staff To Take Immediate Actions To Combat Emerging Potential Problems | Hester Pierce Calls For Clear Regulations
ComplianceX | Jack Kelly | Feb 15, 2021
Hester Peirce, a commissioner at The Securities and Exchange Commission, called for a “clear cryptocurrency regulatory regime,” as it is “urgently needed as major companies like Tesla Inc, BNY Mellon Corp, and Mastercard Inc embrace the alternative asset class,” reported Reuters
Pierce, affectionately known as “Crypto Mom” by Bitcoin enthusiasts, has been a big proponent for regulators to enact rules that would make it clear what actions could be taken in regards to the marketing, purchasing, selling, and trading of the array of different crypto currencies.
Crypto Mom Peirce views the new Biden Administration as a change agent for regulations saying
“a new administration brings the chance to take a fresh look, but it also is a moment where it seems others in the marketplace are also taking a fresh look.”
Recently Tesla’s Elon Musk tweeted about a little-known crypto and the value skyrocketed. Musk also said his company, Tesla, invested roughly $1.5 billion in cryptocurrency. Other big-name corporations shared their interest in this space. The well-established BNY Mellon announced that it would allow clients to hold, transfer, and issue digital assets. Mastercard said it would open up its network to certain cryptocurrencies.
See: Hester Peirce Says SEC Enforcement is Not the Way to Provide Crypto Clarity
Pointing to the recent battle royale between Reddit-driven day traders and short-selling hedge funds, along with Robin Hood’s ceasing trading in stocks popular with the social media trading crowd, has brought renewed attention to Wall Street’s questionable activities. Some people claim that regulators have not been empowered during the last four years under former Donald Trump and there could be a myriad of other issues bubbling up from beneath the muck. This would call for enhanced investigations and examinations. The SEC recently reported that it will empower supervisors to take swift actions based on their own decision-making process if they believe there is foul play in the marketplace.
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The SEC Is Empowering Enforcement Staff To Take Immediate Actions To Combat Emerging Potential Problems
ComplianceX | | Feb 15, 2021
Former President Trump isn’t a fan of regulations.* During his campaign for the Presidency in 2016, Trump was clear in promising a clampdown on regulations, saying for every one newly proposed rule two regulations would have to be ripped-up.
He believed that rules stood in the way of businesses succeeding. According to The Wall Street Journal, the data shows that his administration wasn’t too concerned about The Securities and Exchange Commission vigorously investigating matters writing “The number of new investigations fell every year during the Trump administration, from 1,063 in 2016 to 827 in 2019,” and the number of completed enforcement actions by the SEC “fell from 548 in 2016 to 405 in 2020.”
President Joe Biden seems to have a more robust regulatory plan in mind. The WSJ reported that the SEC “will give more power to its enforcement staff to launch investigations,” which indicates “an early sign that it plans to become more assertive under the Biden administration.”
The SEC will permit “enforcement supervisors to authorize investigations, permitting about 36 senior officials at the agency to subpoena companies and individuals for records or testimony.”
SEC acting Chair Allison Herren Lee said Tuesday “Returning this authority to the division’s experienced senior officers, who have a proven track record of executing it prudently, helps to ensure that investigative staff can work effectively to protect investors.”
This new measure will enable the regulatory agency to move more quickly when they notice possible violations of rules, regulations, and laws. It’s also believed that the new SEC chair, Gary Gensler, will be “more active in looking for misconduct and fraud at big financial institutions.”
This will be good news for compliance, legal, risk, audit, anti-money laundering, and related regulatory-oriented professionals. The anticipated renewed vigor and regulatory activism will likely spur an increase in the hiring of professionals in this sector. Prior to Trump’s administration, under President Obama, Compliance was a blazing hot area for jobs. It cooled off under Trump and now is positioned to become great again.
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