Hester Peirce: SEC Task Force to Provide Clarity for Crypto Industry
SEC commissioner Hester Peirce expressed her commitment to providing clearer regulatory guidance for the cryptocurrency industry, addressing concerns raised by industry participants.
Peirce, who leads the SEC's newly formed crypto task force, has requested public input on how the commission should approach the sector. She aims to establish a workable framework that enables companies to categorize digital assets without excessive legal uncertainty or fear of litigation.
The appointment of Peirce as head of the task force was met with optimism in the crypto community, with some referring to her as "crypto mom." She recently issued a statement seeking industry perspectives, posing questions to facilitate greater regulatory clarity.
Under the Biden administration, the SEC pursued enforcement actions against several crypto companies, alleging violations of securities laws. However, there is hope that the new administration under SEC acting chair Mark Uyeda will take a more collaborative approach.
Coinbase, the largest US cryptocurrency exchange, anticipates the SEC dropping its lawsuit against the company and expects a vote on the matter next Thursday. Coinbase chief legal officer Paul Grewal credits Peirce and Uyeda for initiating a dialogue with the industry.
Peirce declined to comment on specific cases but indicated that the SEC may consider allowing digital asset offerings to be deemed non-securities under certain conditions, providing a temporary reprieve while Congress and the agency develop comprehensive rules.
She also expressed openness to allowing staking and greenlighting options for ether exchange-traded funds (ETFs). Previously, the SEC approved spot bitcoin (BTC-USD) and ether ETFs but not staking or ether ETF options.
Peirce emphasized that the SEC will review any application for a bitcoin ETF filed by President Donald Trump's media company, consistent with its standard procedure for all applications.
Regarding the Department of Government Efficiency (DOGE), Peirce could not confirm its presence within the SEC but acknowledged the agency's ongoing efforts to improve its efficiency while maintaining oversight of capital markets.
Peirce expressed concerns about the Biden administration's climate change disclosure rule and indicated that the SEC will consider its future direction. The Trump administration recently issued an executive order requiring independent agencies to submit major regulations for OMB review, which Peirce believes can aid in economic analysis.