Hester ‘Crypto Mom’ Peirce Wins Second Term Commissioning U.S. SEC

The transfer has been seen as extraordinarily constructive for the crypto {industry} as her nickname is ‘crypto mom’. The Senate Banking Committee cleared Peirce’s nomination on Wednesday, extending her time period till 2025.

Pro Crypto SEC Commissioner

Peirce could be very pro-crypto and fintech innovation, commenting final month that it’s “going to be here to stay and I would like us to set up a regulatory framework that works well for crypto”. She has additionally acknowledged that she desires to attempt to work on the Commission’s perspective towards innovation, particularly the place crypto is anxious, in line with Forbes.

The SEC has 5 Commissioners serving five-year phrases who’re appointed by the President of the United States with the recommendation and consent of the Senate. According to the official SEC web site, Peirce was initially sworn in on January 11, 2018.

In an official assertion on Thursday, the regulatory physique congratulated the commissioners, including;

“On behalf of our 4,500 dedicated colleagues, we applaud their long standing commitment to investors and look forward to their continued work to advance the SEC’s vital mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation.”

Positive for Crypto

Former U.S. Financial Regulator on the FDIC, Jason Brett, acknowledged that crypto and blockchain has hope for regulatory readability on tokens.

Peirce has been outspoken as to how the SEC has ‘muddied the waters’ when it comes to regulatory readability relating to digital belongings, and he or she goals so as to add some readability to the state of affairs.

In considered one of a number of dissenting statements in regards to the regulator’s repeated stifling of innovation, Pierce wrote:

“By withholding approval of a bitcoin-based ETP because the underlying market insufficiently resembles the markets for other commodities, we set ourselves up as the gatekeepers of innovation.”

Referring to a different rejection by the SEC in February this yr, Peirce added;

“This order is the latest in a long string of disapproval orders that the Commission has issued regarding bitcoin-related products.”

With crypto markets on the verge of one other huge bull run, the appointment of an industry-friendly ally with a seat on the desk of the world’s largest regulator can solely be thought-about as excellent information.

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