On June 4, 2020, Hester Maria Peirce, a crypto-friendly Commissioner at the U.S Securities and Exchange Commission (SEC), was nominated by President Trump for a 2nd term in office.
Fondly referred to as “Crypto Mom” by the crypto community due to her liberal stance towards bitcoin and other cryptos, Peirce is an advocate of economic freedom and has been working to ensure the U.S puts in place non-draconian regulations that would enable Fintech and crypto startups to thrive.
While nations just as Switzerland and Malta have been busy formulating policies aimed at creating an enabling environment for crypto-focused startups, the U.S. financial watchdog has exhibited a stricter stance towards crypto in recent years, effectively shutting down several promising crypto-linked ventures.
With today’s announcement, bitcoin and crypto lovers can breathe easy as the commissioner has been an avid advocate of the SEC approving exchange-traded funds (ETFs). She has also been clamoring for more agreeable crypto regulations.
Peirce’s Contribution to Crypto
In May 2019, Peirce made it clear that the SEC’s laid-back approach towards meaningful crypto regulations is innovation-stifling. This was followed by an expression of her desire to create a regulated non-exclusive, safe-harbor for crypto startups looking to conduct their token issuances and initial coin offerings (ICOs).
And more recently, in February 2020, Peirce drafted a proposal that would make it possible for newly issued tokens to run for at least three years before observing securities rules.
Peirce told reporters at the time:
“Our securities laws stand in the way of innovation for digital assets. The fear of running afoul of the securities laws is real.”
The SEC commissioner has also been outspoken about the SEC’s ruling to reject a bitcoin ETF proposed by Wilshire Phoenix. On this occasion, she noted that the financial watchdog denied U.S investors access to bitcoin.
The “Crypto Mom” Sees Increasing Interest for Cryptocurrencies
With the renewed nomination, Peirce will likely advance her work in the commission as an astute supporter and promoter of crypto.
In fact, just a few hours ago, the crypto-friendly commissioner said during a live stream discussion that there is an increase in demand for cryptocurrency as investors seek to diversify their portfolios.
Noting that the COVID-19 pandemic has affected all industries, including cryptocurrency, she added that more people are getting accustomed to working in a virtual world in every sector, so more are likely to turn their interest to the crypto space.
Peirce also believes that one major advantage of crypto is that it brings together individuals from across the world by allowing them to work together virtually.