Hester Peirce blasts SEC, Gurbir Grewal rejects SEC criticism: Law Decoded

Gurbir Grewal, the director of the Division of Enforcement at the SEC, has pushed back against criticism that the regulator is making up rules on crypto as it goes along.

United States Securities and Exchange Commission (SEC) Commissioner Hester Peirce has taken another swipe at her agency, criticizing the regulator’s guidance on crypto custody while calling for more interaction with the public. 

Speaking at the annual SEC Speaks conference, Peirce said that a “particularly pernicious weed” had sprung up in the SEC’s “secret garden” of policy guidelines.

Her comments came in response to the Staff Accounting Bulletin 121 (SAB 121), which prevents banks from custodying crypto assets on behalf of clients.

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