SEC’s Crypto Mom, Hester Pierce was voted in as a chairman of the Securities and Exchange Commission until 2025 as we are reading more in the upcoming crypto news today.
The United States Securities and Exchange Commission or SEC’s Crypto Mom Hester Pierce has been confirmed in for her second term until 2025. The news was quite welcomed for the crypto industry as Pierce was in the course of her first term which led to her getting the nickname “crypto mom” because of her positive regulatory vision for crypto. Her new term will last until June 5, 2025. Following the vote in the Senate, Pierce’s successful confirmation was announced in a statement from the SEC Chairman Jay Clayton and the commissioner’s Eld Roisman and Allison Herren Lee.
Pierce presented a draft proposal to provide a safe harbor for all digital tokens which will grant the developers a three-year grace period to create a decentralized network without having to fear legal action from the SEC. The proposal remains unofficial intervention from the Commissioner rather than the statement of agency policy, the entire crypto industry members are happy about the idea as containing the potential for the most “groundbreaking developments for the US Crypto market to date.”
Pierce has diverged multiple times from the agency’s stance towards decentralized, private cryptocurrencies and even disagreed with the SEC’s rejection of Wilshire Phoenix’s Bitcoin exchange-traded fund app back at the start of the year. In light of the agency’s repeated rejections and deferrals of BTC ETF’s, Pierce published a dissenting warning about the approach as it “impedes innovation in this country and threatens to drive entrepreneurs and the opportunities they create to other jurisdictions.”
She is also a proponent of boasting self-regulation for crypto markets when possible. Pierce positioned herself in opposition to the SEC against the Telegram Open Network and raised concerns as to the global reach of the SEC’s authority by noting that the regulator will have to be cautious about asking remedies that will impose the rules beyond borders. In her nomination speech before the Senate Committee on Banking, Housing, and Urban Affairs, Piece said that the commission can do much more to mitigate the difficulties that the regulatory agencies have in when they deal with innovation and disruption of the industries.
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