Trump Administration Nominates Crypto Mom Hester Peirce for Second Term
Crypto Mom is set to serve a new five year term at the SEC, hopefully allowing her the opportunity to ensure the regulator embraces a more open stance toward crypto.
Key Takeaways
- Crypto Mom appears set to remain at the SEC.
- Peirce is known for her pro-crypto stance.
- The commissioner has often criticized the commission for its inability to create crypto regulations.
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Hester Peirce, aka Crypto Mom, is set to remain a commissioner at the SEC until 2025, according to new White House nominations.
Trump Administration Nominates Hester Peirce
The American government has submitted its list of nominees for various roles to the Senate for approval.
Among the list is Hester Peirce, affectionately known as Crypto Mom, as a reappointment to the Securities and Exchange Commission (SEC).
The nomination, if passed, will see Peirce serve a second term at the regulator. Peirce has served as a commissioner at the SEC since early 2018 and has often been at loggerheads with Chairman Jay Clayton. Her current term expires on Jun. 5.
Peirce made headlines in crypto circles for her public dissent over the Winklevoss Bitcoin Trust ETF rejection the regulator delivered in mid-2018.
Her dissenting opinion slammed the commission for an approach to digital assets that:
“Undermines investor protection by precluding greater institutionalization of the bitcoin market. More institutional participation would ameliorate many of the Commission’s concerns with the bitcoin market that underlie its disapproval order. More generally, the Commission’s interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far beyond the fate of bitcoin ETPs.”
She famously alluded to her opinion in a tweet.
Apparently, bitcoin is not ripe enough, respectable enough, or regulated enough to be worthy of our markets. I dissent: https://t.co/gH5zXaKtmj
— Hester Peirce (@HesterPeirce) July 26, 2018
Safe Harbor Remains on the Table
Peirce’s safe harbor initiative, which would give decentralized projects three years of protection against enforcement action, was announced earlier this year.
The provisions would allow projects that have been producing tangible open-source and permissionless networks to raise money without risking violating securities regulations.
While at times a lonely pro-crypto voice on the commission, Peirce now has another five years to advance the regulatory environment around digital assets and secure an innovative blockchain culture in the United States.
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