- According to Peter Schiff, the SEC is seizing powers beyond its jurisdiction.
- Schiff thinks the SEC’s recent enactment was not backed by law.
- The SEC recently adopted two rules for market participants who engage in specific dealer roles.
According to Peter Schiff, American stockbroker and Chief Economist at Euro Pacific Asset Management, the U.S. Securities and Exchange Commission (SEC) is seizing powers beyond its jurisdiction. Schiff noted that the regulator unilaterally changed the definition of a “security dealer” to allow it to regulate something that is not.
How can the #SEC, a government agency, on its own change the definition of a "security dealer," so that it can regulate something that is not actually a security dealer, without any law having been passed to authorize such regulation? We are a nation of laws, not bureaucrats.— Peter Schiff (@PeterSchiff) February 6, 2024
In a recent post on X, Schiff remarked that what the SEC did was not backed by law, as none authorized such regulation. “We are a nation of laws, not bureaucrats,” he said.
Schiff commented following a February 6 press release by the SEC claiming it has adopted …
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