Senior Compliance Officers find it Difficult to Adapt to the Crypto Industry and Blockchain Basis

U.S Securities and Exchange Commission (SEC)’s latest appointed officer is none other than Valerie Szczepanik, who was given the responsibility to oversee the cryptocurrency industry. She is definitely one that doesn’t stand against innovation, however, she believes that the lack of compliance on the part of crypto investors, is what’s bringing unnecessary complexities.

In particular, Senior Advisor Szczepanik explicitly stated that,

“We want people to come talk to us […] When I’m in meetings with folks, I want them to see me as someone who’s interested in communication and back and forth and looking to encourage innovation that helps investors and the markets.”

Based on BCFocus’ reporting, Szczepanik has had interest for the likes of cryptocurrencies and blockchain technology for nearly six years, hence her yearn for investors to come into compliance with regulators does not necessary mean a restricted market.

Despite the positivity, many still don’t seem to sit well with what’s requested, as Republican Commissioner, Hester Pierce believes people are hesitant of the SEC because they perceive it as “going through enforcement”.

Former lawyer, William Hinman believes that Szczepanik’s efforts is surely to be transformative, adding that “Early days in this space, a lot of the activity just didn’t come into any other division other than enforcement […] Folks weren’t coming to use and saying, Oh, I have a security, let me register it with corporation finance.”

As a final thought, the newly-appointed official hopes to see more individuals abiding by the laws, adding that the failure to do so can result in a “different tack”. Effort is key and if she feels crypto investors aren’t putting in their part, then a different direction will be taken.

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