Let’s face it - even with cryptocurrency markets on the rise, this industry needs all the help it can get in Washington D.C. Well, there is reason to celebrate tonight, as Securities And Exchange (SEC) Commissioner Hester Peirce wins the nomination for a second term by voice vote in the U.S. Senate.
And, just in case you wanted to know if Peirce is staying the course that has won her the nickname ‘Crypto Mom’, her testimony on July 21 in the nomination hearing was crystal clear in proclaiming crypto is “…going to be here to stay and I would like us to set up a regulatory framework that works well for crypto,” said Peirce.
SEC Commissioner Hester M. Peirce is seen during the House Financial Services Committee on … [+]
Peirce stated she wants to, “try to work on the commission’s attitude toward innovation, which has been highlighted when we consider crypto.” I interviewed Peirce in February when she floated the idea of a safe harbor for blockchain token companies. Heralded by the crypto community for seeing the benefits of this new technology as well as being outspoken as to how the SEC has ‘muddied the waters’ in terms of regulatory clarity, Peirce’s continued service and confirmation from the U.S. Senate leaves one of the strongest advocates for crypto in Washington D.C.
Also voted in as an SEC Commissioner was Caroline Crenshaw, a Democrat (Peirce is a Republican), who will serve until June 5, 2024. Peirce serves in her second term until June 5, 2025. Crenshaw, a Captain in the U.S. Army Judge Advocate General’s Corp, joined the SEC in 2013 and has served in the Office of Compliance Inspections and Examinations, the Division of Investment Management, and as Counsel to two SEC Commissioners. Her work has focused on legal and policy analysis related to corporate governance, investment management, enforcement, international regulation, and the oversight of self-regulatory organizations.
The nomination hearing where Peirce provided testimony and answered questions of U.S. Senators can be viewed here. With the cryptocurrency markets indicating a potential Bitcoin bull run, the idea of a key advocate at the SEC focused on regulatory clarity who is entrenched through 2025 is another reason for crypto to be excited. And with the potential of SEC Chairman Jay Clayton moving on to the U.S. Attorney’s office, there is further speculation that Peirce could be the next SEC Chair, broadening her influence - and support - for crypto even further.