Hester Peirce, a commissioner at the US Securities and Exchange Commission (SEC) affectionately dubbed “Crypto Mom” by many in the industry, delivered a speech filled with non-fungible token (NFT) metaphors while also reviewing the agency’s stance on digital assets.
At a Coin Center event on Thursday, Peirce appeared to humorously address rumors regarding her tenure, especially since her term officially expired in June. Nonetheless, regulations permit SEC commissioners to serve for up to 18 additional months until the US Senate appoints a successor.
“Many people have asked me what lies ahead,” Peirce remarked. “I could depart from government and pivot completely on crypto, but that route is too well-trodden for my taste. I’ve long considered transitioning to beekeeping—honey is both delicious and nutritious, and bees sting with less enthusiasm than many of my Twitter followers.”
She humorously added, later clarifying her jest:
“So, for post-SEC life, I must resort to Plan C, or more accurately, Plan NFT […] My NFT collection will feature characters I’ve encountered in the realm of crypto, particularly at its often challenging intersection with policy.”
Peirce, one of four commissioners and among three Republicans currently in the SEC’s leadership, has frequently supported policy initiatives that benefit the crypto and blockchain sector. After the exit of former Chair Gary Gensler in January, she announced the formation of a crypto task force designed to create a framework for digital assets.
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The SEC’s “Crypto Mom” humorously engaged with the audience, describing NFTs of herself, crypto CEOs, figures from traditional finance, regulators, and digital asset influencers, before transitioning to a more serious discussion about the agency’s future.
“I apologize that throughout most of my time at the SEC, I struggled to persuade my government colleagues to allow you a chance,” said Peirce. “I hope you and others inspired by you will utilize this period—a time when regulatory clarity has replaced ambiguity as the government’s goal—to create positive developments that enhance the safety, security, happiness, and prosperity of your family, friends, neighbors, and nation.”
Shifting tone on crypto at the SEC since January
Peirce’s remarks were not out of the ordinary. Following Gensler’s departure, whom many in the crypto community criticized for a “regulation by enforcement” strategy, the SEC has significantly adjusted its approach to digital assets.
The agency has made moves starting with the courts, discontinuing several long-standing enforcement lawsuits against crypto firms and adopting policies expected to lead to numerous exchange-traded fund approvals, indicating a favorable trajectory for the industry through relaxed regulatory measures.
A market structure bill currently progressing through the US Senate is also anticipated to provide the agency with improved clarity on digital assets by defining clear roles for financial regulators.
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