Hester Peirce will serve a second term as commissioner of the U.S. Securities and Exchange Commission (SEC).
In a statement published on August 6th, SEC chair Jay Clayton and commissioners Elad Roisman and Allison Herren Lee reveals the confirmation of Peirce to return as commissioner of the federal regulatory agency.
Peirce is an avid proponent of emerging crypto technologies, earning her the nickname “Crypto Mom.”
She drew the attention of the crypto community in February when she presented a proposal to implement a three-year safe harbor period for crypto startups that conduct token sales, which Peirce believes will give crypto startups ample time to prove that their tokens are legal.
The proposal came after the SEC flagged numerous initial coin offerings (ICOs) for illegally selling crypto assets as unregistered securities.
Although Peirce will retain her role, the SEC has shown little interest in approving a Bitcoin Exchange Traded Fund (ETF).
The SEC has consistently rejected Bitcoin ETF proposals, citing concerns about the security and liquidity of the digital asset. In February, Peirce dissented to the uniquely heightened standards that the SEC has for proposals related to digital assets.
“The Commission’s approach to these bitcoin exchange-traded products is frustrating because it evinces a stubborn stodginess in the face of innovation. The irony is that, in taking this approach, the Commission wanders into the unbounded, dangerous territory of merit regulation for which the Commission is ill-equipped.
A Bitcoin ETF would allow investors to invest in the king crypto without needing to deal with the complex storage and security procedures typically required for crypto investments. It would also allow investors to buy and sell Bitcoin using traditional exchanges and markets.
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