Tag: Hester Peirce

A Former SEC Chief Now Predicts Peirce Will Replace Gensler

Market News Daily - A Former SEC Chief Now Predicts Peirce Will Replace Gensler.
Market News Daily – A Former SEC Chief Now Predicts Peirce Will Replace Gensler.

A former SEC Chief now predicts Hester Peirce will replace Gary Gensler in a drastic shift leading to the U.S. presidency.

“When any President is elected, the current SEC Chair typically resigns and the new SEC Chair position is rarely confirmed and filled until at least 3-4 months after Inauguration Day.

Hence, should a Republican get elected President, Chair Gensler would likely resign and the senior Republican appointed SEC Commissioner (in this case famed “crypto-mom” @HesterPeirce) would possibly become acting Chair,” said former SEC Office of Internet Enforcement chief John Reed Stark.

“If @HesterPeirce becomes acting Chair of the SEC, given her lengthy track record of dissent and opposition to most crypto-related SEC actions, the world should expect that most U.S. SEC crypto-related enforcement and most crypto-related SEC disruption would grind to a screeching halt,” he continued.

The United States’ securities regulator could completely u-turn its approach to crypto enforcement, depending on a key election in the United States in 2024, according to former SEC official John Reed Stark, says CoinTelegraph.

Hester Peirce has been highly scrutinized by retail investors, particularly those invested in stocks such as AMC and GameStop due to her take on market transparency.

She was one of the commissioners who voted against transparency rules that would increase hedge fund trade disclosure, something the ‘ape’ community has been raising awareness on for years now.

Her ties to a lobbyist group of anti-regulators has raised major concerns and questions about conflicts of interest in the regulatory system.

Is Hester Peirce Fit to Become SEC Chair?

Market News Daily - A Former SEC Chief Now Predicts Peirce Will Replace Gensler.
Market News Daily – A Former SEC Chief Now Predicts Peirce Will Replace Gensler.

Most would say yes, since not much to protect retail investors would actually be done — this is quite alarming to say about the position in general.

The Intercept wrote a piece on Hester Peirce in 2015 titled, “SEC Nominee To Oversee Wall Street Works At Think Tank Dedicated To Blocking Regulation.”

And according to the research, Hester Peirce received 98% of her salary from the Mercatus Center, a “think tank” that provides an academic façade to a radical anti-regulatory agenda.

But that’s not all, Mercatus Center focuses on the lobbying priorities of its corporate funders.

The Mercatus Center has been described by the Wall Street Journal “as a coordinating center for lobbyists trying to block a flurry of regulations.”

So, it comes as no surprise as to why the SEC commissioner has voted ‘no’ for market transparency rules.

Who Funds the Mercatus Center?

Will Hester Peirce replace Gary Gensler?

The Mercatus Center is one of the first think tanks formed by the right-wing billionaire Koch brothers to influence government policy. 

The Koch family has provided over $35 million to the Mercatus Center in recent years.

Other funding has come from ExxonMobil and Morgan Stanley.

Koch Industries also deals with derivatives such as stocks and bonds and is deeply involved in implementation efforts of the Dodd-Frank reform law.

A law that lacks much transparency needed to enforce a sustainable market.

This SEC commissioner has also opposed regulating private funds such as private family offices stating they are not a systemic risk to the financial system.

However, private family offices are known as ‘unregulated hedge funds‘ since they are not required to register with the SEC.

These private funds hold trillions in global assets with 40% being held in the United States alone.

Is Hester Peirce replacing Gary Gensler a good idea? Leave your thoughts in the comment section below.

Also Read: A New Bill is Being Introduced to Fire Gary Gensler

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Market News Today - A Former SEC Chief Now Predicts Peirce Will Replace Gensler.
Market News Today – A Former SEC Chief Now Predicts Peirce Will Replace Gensler.

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SEC Delays Audit Reform That Would Protect Investors To 2024

SEC Delays Audit Reform That Would Protect Investors to 2024
Market News: Consolidated Trail of 2016 delayed until 2024

The SEC has delayed an audit reform that would protect retail investors from nefarious practices in the market to 2024.

Opponents, including SEC Commissioner Hester Peirce want to scrap the entire project.

Hester Peirce is tied to a lobbyist group of anti-regulators.

Quite a contradiction being an SEC Commissioner if you ask me.

Keep reading below to find out how delaying this audit reform is a direct violation of retail investors’ rights.

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Consolidated Audit Trail of 2016

SEC News: SEC Delays market reform until 2024
SEC News: SEC delays market reform until 2024

In 2016, the SEC approved a rule to establish the Consolidated Audit Trail, which would capture data on customers and orders for exchange-listed equities and over-the-counter (OTC) securities across all U.S. markets.

The system would provide the SEC with an enormous database of information to help the agency detect and quickly react to events that disrupt the markets and could potentially harm retail investors.

Brokerages were supposed to begin collecting customer information for the CAT this month but in May, Finra delayed implementation of the CAT customer and account information system until the end of this year.

However, in an order on Friday, the SEC pushed back implementation of some SRO reporting obligations until July 2024.

“The CAT, a project designed to give the Securities and Exchange Commission and other regulators comprehensive market insight, has proved much harder and more expensive to implement than anyone anticipated,” SEC Commissioner Hester Peirce said in a statement.

“I have grave concerns about the whole project. The dollars, distraction, dissension, and drain of endless meetings over the past several years of CAT implementation are reasons enough to reconsider the entire project; the risks to liberty and security posed by the project should compel us to do so.” – Investment News

OTC trading goes unregulated until 2024

SEC News

Over-the-counter trading has been a real issue in our markets.

It’s allowed financial institutions to trade retail’s orders outside the lit exchange (NYSE), making it susceptible to market manipulation.

These markets are unregulated which leads to less public information and the possibility of fraud.

Delaying this market reform means the SEC is pushing a decade of complacency since the reform’s introduction in 2016.

Something the SEC is very good at.

The question is, how long does the SEC think they can continue to delay market reforms before investors take matters into their own hands, and into the streets again.

I’d love to hear your thoughts on the matter.

Leave a comment down below.

Is the SEC pushing it a little too far now?

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Related: Is the SEC Complicit to Market Injustices?

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