United States Securities and Exchange Commission Commissioner Hester M. Peirce has been confirmed for a second term, lasting through 2025.
The news will be welcome for the crypto industry, as Pierce has, in the course of her first term, acquired the affectionate moniker of "Crypto mom" as a result of her nuanced and positive regulatory vision for cryptocurrencies.
Her new term as Commissioner will last until June 5, 2025.
Following a vote in the Senate on Wednesday, Pierce's successful confirmation was announced yesterday, Aug. 6, in a statement from SEC Chairman Jay Clayton and commissioners Elad L. Roisman and Allison Herren Lee.
In February of this year, Pierce presented a draft proposal to provide a safe harbor for digital tokens, which would grant developers a three-year grace period to build a decentralized network without fearing SEC legal action.
While the proposal remains an unofficial intervention from Commissioner Pierce, rather than a statement of agency policy, crypto industry members welcomed the idea at the time as containing the potential for "The most groundbreaking development for the U.S. cryptocurrency market to date."
Pierce has, more than once, diverged from the agency's line towards decentralized, private cryptocurrencies, publicly disagreeing with the SEC's rejection of Wilshire Phoenix's Bitcoin Exchange Traded Fund application this spring.
In light of the agency's repeated rejections and/or deferrals of Bitcoin ETFs, Pierce's published a dissenting statement warning that the agency's approach "Impedes innovation in this country and threatens to drive entrepreneurs, and the opportunities they create, to other jurisdictions."
In late July, Pierce publicly positioned herself in opposition to the SEC's action against the Telegram Open Network for the first time.
In her nomination speech delivered before the Senate Committee on Banking, Housing, and Urban Affairs on July 21, Pierce said she believed the Commission can do better to mitigate the difficulties that regulatory agencies - as "Large bureaucratic organizations" - have in "Dealing appropriately with innovation in and disruption of" the industries they oversee.
'Crypto Mom' SEC Commissioner Hester Pierce Voted in Until 2025
Published on Aug 7, 2020
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.