Peirce wins re-up of SEC seat

Peirce wins re-up of SEC seat

August 7, 2020 49 It’s official! Hester Peirce has won an additional term on the U.S. Securities and Exchange Commission Martin Young at Cryptopotato reports Pierce’s new term will end in 2025. Some cryptocurrency buffs are lauding the extension of her tenure on the board, due to Pierce’s dissent on some past negative decisions on crypto initiatives by the board, in the form of remarks about constrictive SEC activity on various types of cryptocurrency possibilities. One of the most prominent responses that make Peirce an ally of crypto boosters is her response to the SEC’s rejection of multiple applications for a Bitcoin ETF, which would lower investment barriers and mainstream Bitcoin in the US market. In remarks around some of these rejections like a ‘no’ to the VanEck Solidx proposal, Peirce has said that by denying these Bitcoin ETF applications, the SEC is acting as “gatekeepers of innovation.” All of this has led to her moniker ‘crypto mom’ and the assertion of some crypto proponents that she will provide “parental supervision” for US regulators of digital coins. In the past, Peirce has called for setting up a digital framework, and then there are indications she is willing to go a step further to try to define what that would look like. “The U.S. Securities and Exchange Commission’s loudest crypto advocate wants to let firms sell digital tokens without facing tough rules, a plan that’s unlikely to gain traction under the regulator’s current leadership,” wrote Benjamin Bain at Bloomberg in February , citing Peirce’s remarks on general blockchain progress. “The plan puts Peirce at odds with SEC Chairman Jay Clayton, who controls the agency’s agenda and has frustrated coin enthusiasts with his cautious approach. Clayton has repeatedly said the industry requires aggressive oversight because of concerns it’s rife with fraud. The SEC has accused multiple coin issuers of selling unregistered securities during his tenure.” Peirce’s dogged vocal support for entrepreneurs trying to thread the needle on crypto make her a valuable advocate in today’s fintech world. Look for more as companies and governments continue to consider what blockchain means for all of us. TAGS

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