While not many regulators are cryptocurrency advocates, the United States Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce, popularly referred to as the “crypto mom”, is one of the most optimistic government officials when it comes to cryptocurrencies.
Sworn in for the first time back in 2018, Pierce was nominated by President Donald Trump for a second term in office as the Commissioner at the SEC.
Per the latest reports, Pierce has now been re-elected as the SEC commissioner, following a vote in the senate. The confirmation was announced on August 6, in a statement from SEC Chairman Jay Clayton and commissioners Elad L. Roisman and Allison Herren Lee.
Her new term as the commissioner would last until June 25, 2025.
Crypto mom and Cryptocurrencies
The news perceived well among crypto enthusiasts, as crypto advocates believe that Peirce is the key to finally get the SEC approval for exchange-traded funds (ETFs), a highly anticipated investment product.
Peirce herself is an advocate of economic freedom and has actively been working towards developing a positive regulatory vision for cryptocurrencies.
Back in February, the Crypto mom introduced a draft proposal that looked at granting developers three years to build a working project without any SEC intervention.
The commissioner 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 proposal needs the votes of other commissioners, and until then, the proposal remains unofficial. But the idea welcomed by most crypto enthusiasts as something that holds the potential to become “the most ground-breaking development for the U.S. cryptocurrency market to date.”
The commissioner has more than once voiced in favor of cryptocurrencies when it comes to ETFs.
She published a dissenting statement regarding the rejection of Wilshire Phoenix’s Bitcoin ETF application.
She also criticized the SEC’s cautious approach towards innovation in the ETF space, stating that:
“The unwillingness to allow more competitors to offer geared ETFs seems to be another example of denying or curtailing access to a product that would be useful to some investors.”
In a July speech at Blockchain week Singapore, Peirce voiced against the SEC’s decision that brought the development of the Telegram Open Network to a permanent halt. Peirce questioned the SEC’s decision, stating:
“Who did we protect by bringing this action? The initial purchasers, who were accredited investors? The members of the public, many of whom are outside the United States, who would have bought the Grams and used them to buy and sell goods and services on the TON Blockchain? Did they really look to U.S. securities laws for protection? Would-be innovators, who will now take additional steps to avoid the United States?”
As of now, With the renewed nomination, Peirce is expected to advance her work in the commission as an avid supporter and promoter of virtual currencies.