Crypto Mom Hester Peirce Officially Sworn in as SEC Commissioner
Lucas Cacioli Aug 17, 2020 17:00
Crypto Mom and blockchain forward SEC Commissioner Hester Peirce has been sworn in for a second term at the US SEC.
Commissioner Hester Peirce has been officially sworn in for a second term as one of the United States Securities and Exchange Commission’s five commissioners alongside Caroline Crenshaw.
The Securities and Exchange Commission (SEC) has sworn in Hester Peirce and Caroline Crenshaw after the pair were confirmed by vote in the United States Senate on August 6. Peirce, who has been an ally to digital innovation within the SEC, received a nomination for a second term from President Donald Trump in June.
Peirce earned the nickname ‘Crypto Mom’ when she spoke out and highlighted parameters that were set and heavily scrutinized in the SEC’s processing and ultimate rejection of Bitwise’s Bitcoin ETF application. Peirce argued that the standards that Bitcoin ETF’s are subjected to have never been applied to traditional markets offering. She also called for a safe harbour period of three years for digital asset and crypto projects as the regulation was not clear.
In the official release on August 18, Chairman Jay Clayton said:
“As a Commissioner, Hester has been a tremendous advocate for our markets and investors, and I know she will continue to be a strong voice for them in the years to come."
After being sworn in for a second term, Commissioner Pierce said:
"I am honored to be able to continue to serve our investors and protect the integrity and efficacy of our markets together with the SEC staff and my fellow commissioners, including my newest colleague, Commissioner Crenshaw."
Innovation and Government
Commissioner Peirce was first sworn in as a Commissioner in 2018. She has focused particularly on matters of innovation in financial services and has often been critical of the SEC’s rigid and unyielding approach to an industry still finding its way.
At the Unitize virtual conference on July 7 , Peirce said:
“I wanted to make sure that our regulatory structure was flexible enough to accommodate innovation.”
Peirce has often highlighted that the benefits of clear regulation would allow developers to fundraise, investors to access more detailed project information, and innovations in these emerging technologies would stay in the US.
The exodus of tech talent from the US to Asia and Europe has been well documented and Peirce believes that’s “all the more reason for a jurisdiction like the United States to try to develop a workable framework that allows people to come and avail themselves of our market.”
Peirce said,
“Remember that innovation typically comes from outside the government sector. We need to set up a framework that allows people who spend a lot of time thinking about new ideas to continue to spend time thinking about those ideas and not a lot of time worrying about complying with regulations.”
Commissioner Peirce fills a term that expires on June 5, 2025.
Commissioner Crenshaw fills a term that expires on June 5, 2024.
Image source: Shutterstock
