United States Securities and Change Fee (SEC) Commissioner Hester M. Peirce has been confirmed for a second time period, lasting by way of 2025.The
United States Securities and Change Fee (SEC) Commissioner Hester M. Peirce has been confirmed for a second time period, lasting by way of 2025.
The information might be welcome for the crypto trade, as Pierce has, in the midst of her first time period, acquired the affectionate moniker of “crypto mother” on account of her nuanced and optimistic regulatory imaginative and prescient for cryptocurrencies. Her new time period as Commissioner will final till June 5, 2025.
Following a vote within the Senate on Wednesday, Pierce’s profitable affirmation was introduced yesterday, Aug. 6, in an announcement from SEC Chairman Jay Clayton and commissioners Elad L. Roisman and Allison Herren Lee.
Pierce’s imaginative and prescient for cryptocurrency regulation
In February of this yr, Pierce offered a draft proposal to supply a secure harbor for digital tokens, which might grant builders a three-year grace interval to construct a decentralized community with out fearing SEC authorized motion.
Whereas the proposal stays an unofficial intervention from Commissioner Pierce, reasonably than an announcement of company coverage, crypto trade members welcomed the thought on the time as containing the potential for “essentially the most groundbreaking improvement for the U.S. cryptocurrency market up to now.”
Pierce has, greater than as soon as, diverged from the company’s line in direction of decentralized, personal cryptocurrencies, publicly disagreeing with the SEC’s rejection of Wilshire Phoenix’s Bitcoin Change Traded Fund software this spring.
In gentle of the company’s repeated rejections and/or deferrals of Bitcoin ETFs, Pierce’s revealed a dissenting assertion warning that the company’s method “impedes innovation on this nation and threatens to drive entrepreneurs, and the alternatives they create, to different jurisdictions.”
She has additionally been a proponent of fostering self-regulation for cryptocurrency markets when potential.
In late July, Pierce publicly positioned herself in opposition to the SEC’s motion in opposition to the Telegram Open Community for the primary time. She raised issues as to the worldwide attain of the SEC’s authority by noting that the regulator “needs to be cautious about asking for cures that successfully impose our guidelines past our borders.”
In her nomination speech delivered earlier than the Senate Committee on Banking, Housing, and City Affairs on July 21, Pierce mentioned she believed the Fee can do higher to mitigate the difficulties that regulatory businesses — as “giant bureaucratic organizations” — have in “dealing appropriately with innovation in and disruption of” the industries they oversee.