Crypto Mom Hester Peirce Officially Sworn in as SEC Commissioner. Will this help

[phillymogul]

Crypto Mom Hester Peirce Officially Sworn in as SEC Commissioner.

Maybe now we can get more clarity from SEC on crypto regulations. This could provide a nice boost to the US economy.


She has often been critical of the SEC’s rigid and unyielding approach to an industry still finding its way.

Peirce earned the nickname ‘Crypto Mom’ when she spoke out and highlighted parameters that were set and heavily scrutinized in the SEC’s processing and ultimate rejection of Bitwise’s Bitcoin ETF application. Peirce argued that the standards that Bitcoin ETF’s are subjected to have never been applied to traditional markets offering. She also called for a safe harbour period of three years for digital asset and crypto projects as the regulation was not clear.

Read more:
https://cryptoandforexnews.com/crypto-mom-hester-peirce-officially-sworn-in-as-sec-commissioner/

What are your thoughts?

[DeathAngel]

I think the US will do all they can to suppress bitcoin for as long as they can. Their precious fiat is losing power quickly so they have to try & stop bitcoin taking over. No ETC for a while imo.

[hatshepsut93]

You need to understand that things that can be good or bad for Bitcoin also have magnitude of their effect. This appointment, for example, while likely positive, is just a drop in the ocean. She isn't going to single-handedly legalize Bitcoin and make favorable regulations, and Bitcoin's price isn't going to moon just because of her.

[gentlemand]

She already was a SEC commissioner. The bigger development is the potential departure of Jay Clayton who hasn't been keen throughout. However even if you have a keen replacement there will be many elsewhere who are going to suggest you keep a lid on it.

[dothebeats]

A SEC commissioner with ideals aligned to the development of crypto would help, but most certainly she cannot do it all by herself knowing the limited power she has on her post. She can either propose regulations and bills that would be lax and lenient on cryptocurrencies and the person using and trading it, but she cannot simply say that 'hey I'm pro crypto and I'm a SEC commissioner, let's do this for the benefit of crypto!' That's not how regulations are passed, though she will have a large influence over those possible decisions if she stated her case well and good.

[stompix]

She already was a SEC commissioner.

Yeah, as usual, a small detail, that she has already been a commissioner for two years already.
But I doubt her views will indeed be taken into account, she puts so much emphasis in everything on lax regulation that it will probably always trigger an immediate no response, same as with her idea with the three years safe harbor for token sales, it was doomed to be disregarded since it allowed to much freedom.

You really can't change everything in a blink and as a somewhat bitcoin maximalist, I would love to see her abandoning her continuous lobby about tokens and focus on BTC, and the neverending ETF saga.

The bigger development is the potential departure of Jay Clayton who hasn't been keen throughout.

It's been already two months and with all the fallout from the pandemic hitting the economy I start to doubt even Trump will try and make that move.

[hulla]

Crypto Mom Hester Peirce Officially Sworn in as SEC Commissioner.
[snip]
Maybe now we can get more clarity from SEC on crypto regulations. This could provide a nice boost to the US economy.

Peirce earned the nickname ‘Crypto Mom’ when she spoke out and highlighted parameters that were set and heavily scrutinized in the SEC’s processing and ultimate rejection of Bitwise’s Bitcoin ETF application. Peirce argued that the standards that Bitcoin ETF’s are subjected to have never been applied to traditional markets offering. She also called for a safe harbour period of three years for digital asset and crypto projects as the regulation was not clear.

[snip]
What are your thoughts?

Hester Peirce sworn in as US SEC will somehow help cryptocurrency but the US government have their own regulations and she will at least open their eyes to some certain area though. However, I once read an article that stated the SEC was abusing power and there's a possible chance for them to be restricted in some judgment making.
Meanwhile, Hester was already US SEC commissioner long ago before the public/official sworn in.

[avikz]

I seriously don't see a drastic change in SEC's stance just because Hester Peirce has officially sworn in as Commissioner. One persona can't make much changes into the structure of a government organization so deeply rooted within the US economy. Even if Ms. Hester is able to make SEC a little less rigid about crypto related matters, it will take a long time to actually see that change in reality.

But yes, with this appointment, probably some ETFs will be able to start operating from US soil which has been pending since long and never made much progress after the initial  application. Can't expect much from such a hierarchically tall government organization whose decisions have direct impact on US economy. 

[verita1]

If Hester Peirce has been elected for the second time as SEC commissioner, it is because she has demonstrated a good management that requires her to continue in the work of adapting the innovation of financial services.
She also invites developers to continue creating solutions and not continue to worry about regulations. So IMO will come good news from the SEC.

"Remember that innovation typically comes from outside the government sector. We need to set up a framework that allows people who spend a lot of time thinking about new ideas to continue to spend time thinking about those ideas and not a lot of time worrying about complying with regulations. "

Hester Peirce

[Darker45]

First off, she's just one among the 5 SEC commissioners. Secondly, she's been in this position since January of 2018, although she's just being voted in for another 5 years.

Of course, it would help spread Bitcoin awareness among the high ranks if at least one among them is an advocate or, if not, at least someone who is open-minded, knowledgeable, and objective about Bitcoin and crypto.

She's already made a name back in 2018, just a few months in office, when she dissented in the SEC's decision rejecting the Winklevoss twins' Bitcoin ETF application. And so I am looking forward to more balanced or at least less lopsided approach in the commission.

[pooya87]

i wouldn't be happy about anything that comes out of a government agency about cryptocurrencies even if it looked positive. the centralized world and everything coming from it can never be positive about something decentralized. anything they decide will also be along the lines of taking back more control and pushing things towards more centralization.
that is why i am somewhat glad that they never accepted any ETFs so far.

[davis196]

I have never heard about this woman.It's good to know that we have at least one crypto supporter in the Security and Exchange Commission.However,this doesn't mean anything to the future mass crypto adoption.
I've always said that Bitcoin doesn't need ETF approval,in order to dominate the financial world.
We should focus on gaining support among the people,not the institutional investors and hedge funds.

[Kakmakr]

Well, it is a step in the right direction, because when everyone was negative about Crypto currencies, Hester Peirce put her neck out for Crypto tokens and she gave her positive opinions about it. (I am more keen to work with a SEC Commissioner that are open minded, than with the previous old farts that did not want to see a change.)

That said, many people who were placed in positions of power that were pro Bitcoin before Trump was in power.. has changed their views on it when they got the positions when they won the elections... so let's hope she will not do the same. 

[buwaytress]

That said, many people who were placed in positions of power that were pro Bitcoin before Trump was in power.. has changed their views on it when they got the positions when they won the elections... so let's hope she will not do the same. 

Although, I think in the first place a lot of people use their positionings to sway voters and sway lobbyists and influence the flow of money, sometimes if supporting (or going against) Bitcoin is to their advantage, they'd do it anyway.

Peirce is different though, she actually has quite a lot of pragmatism in her views, which aren't all simply pro Bitcoin, and I think she genuinely feels the system needs to change quickly, not necessarily just by adopting crypto, which also makes her Crypto Mom tag slightly erroneous and seems to undermine what she's really all about.