SEC’s “Crypto Mom” Checks In

Hester Peirce, a commissioner at the United States Securities and Exchange Commission (SEC) known for her pro-crypto stance, has called for more transparent regulations regarding digital assets.

While speaking at the Permissionless II conference in Austin, Texas on September 11, Peirce expressed her surprise at the SEC’s pace concerning a regulatory framework for cryptocurrencies since she joined in 2018. She acknowledged countries like Switzerland and Singapore for being proactive in their crypto regulations. However, she noted that comparing their progress to the U.S. isn’t entirely fair.

Peirce commented on the evolving knowledge base within the SEC: “While the overall regulatory landscape hasn’t improved significantly, the agency has seen a growth in crypto expertise in areas such as FinHub and other divisions.”

Under the current leadership of Chair Gary Gensler, the SEC has faced criticism for its perceived “regulation by enforcement” stance towards digital assets. Notably, the commission is currently in legal disputes with crypto giants like Coinbase, Binance, and Ripple. Furthermore, the SEC has yet to approve a spot Bitcoin ETF in U.S. markets. Grayscale Investments, however, recently succeeded in challenging the SEC’s decision to reject its ETF application, hinting at a possible review.

While Peirce did not comment on specific SEC-related court cases, she encouraged crypto-focused institutions to engage in discussions with the commission. Emphasizing potential positive changes, she said, “The current uncertainty will eventually clear. The U.S. remains an ideal place for innovation. It’s essential for industry stakeholders to suggest clear ways in which regulatory clarity is needed.”