Crypto keeps it's best friend at the SEC until 2025 at the very least
Hester Peirce, known affectionately as "Crypto Mom" by the crypto community and crypto twitter, was confirmed yesterday to another term at the SEC.
This would be the second term for Peirce and would last until June of 2025.
https://www.banking.senate.gov/hearings/08/05/2020/executive-session-to-consider-nominations
The confirmation followed a vote and the results can be seen on the SEC's main page:
(Source: https://www.sec.gov/news/public-statement/confirmation-peirce-crenshaw-2020-08-06)
Peirce has seemingly been one of the lone fans of crypto at the SEC...
Over the last few years Peirce has been one of the few voices of reason from the SEC as far as crypto investors are concerned.
She has repeated pushed for a "step softly" approach by the SEC with grace periods for developers in order to not stifle innovation.
In February of this year she drafted a proposal to provide a safe harbor for developers that would grant a three year grace period to build a decentralized network without fearing SEC legal action.
One of her quotes from the proposal:
“Although the safe harbor would preempt state securities laws, it would not stand in the way of state anti fraud actions. If anyone lied in connection with selling tokens pursuant to the safe harbor, the SEC or a state could bring an enforcement action [...] We all know that there are plenty of those kinds of “projects” polluting the crypto space.”
(Source: https://cointelegraph.com/news/secs-cryptomom-proposes-safe-harbor-framework-for-token-projects)
More from that proposal can be seen in the link above.
Some other notables from Peirce...
- Promoted the idea of Self-Regulation for crypto markets when possible
- Opposed the SEC's enforcement action against Telegram and Ton
- Opposed the SEC's rejection of the Wilshire Phoenix Bitcoin ETF
- Openly question whether the SEC is following their mandates in regards to Crypto Regulation
This is great news for crypto
There are currently 5 SEC Commissioners and it's great news for crypto and bitcoin to keep one of their friends in one of those positions.
The current commissioners can be seen here:
Unfortunately the Chairman (Jay Clayton) has been rather critical of bitcoin and crypto and hasn't really been the most welcoming to the technology as a whole, but he will only be office for another 10 months unless he gets reappointed.
Having Peirce in there as well as her tendency to voice her opinions openly on Twitter and the like is a great thing for the industry as a whole.
Letting crypto grow and develop organically without the worry of legal action from regulators is paramount for this technology reaching its full potential.
With friends like Peirce in powerful positions, it certainly helps keep that possible.
Stay informed my friends.
-Doc
Posted Using LeoFinance
It seems to me a good news... isn’t it?
Yes, it is very good news.
Seems to be some decent news. Although I don't care much for the government, I do prefer to have people that are not antagonist towards crypto in there than is.
The chairman seems to be a bit more than agnostic, so yes having here in there is very good news to try and keep crypto enforcement actions reasonable and balanced.