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ARTICLE · 05 OCTOBER 2018

SEC Commissioner Urges Regulators Not To Impose Their Investment Judgment On Investors

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SEC Commissioner Hester Peirce asserted that commissioners should not substitute their judgment for decisions made by investors.

United StatesTechnology
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SEC Commissioner Hester Peirce asserted that commissioners should not substitute their judgment for decisions made by investors, particularly with regard to (i) the decision to invest in a company that requires its shareholders to arbitrate any shareholder claims against the company (rather than go to litigation) and (ii) investments in bitcoin or other digital assets.

In remarks at the University of Michigan Law School, Ms. Peirce stated that (i) the SEC is no better than an investor at evaluating the investor's best interest. She pointed to the SEC's decision not to approve the public offering of the Winklevoss Bitcoin Trust. Ms. Peirce said that regulators should have allowed investors to decide whether a new investment is worthwhile.

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