“Crypto Mom” Hester Peirce Nominated for Second Term in Office
Hester Maria Peirce, a crypto-friendly Commissioner at the United States Securities and Exchange Commission (SEC), has been nominated by President Donal Trump for a second term in office. If the Senate backs her, Peirce, who has been clamoring for more amenable crypto regulations, will remain in office until 2025, reports Bloomberg Law on June 3, 2020.
Crypto Mom Nominated for Second Term
Hester Maria Peirce, an American legal practitioner and Republican politician that has been functioning as a Commissioner at the United States Securities and Exchange Commission (SEC), since January 11, 2018, has been nominated by President Donal Trump for a second term in office.
Per sources close to the matter, Peirce’s current term is scheduled to officially come to an end on June 5, 2020, however, if her second term nomination gets greenlighted by the Senate, the financial market regulation specialist will remain in office for at least another five years.
Fondly called “Crypto Mom,” due to her liberal stance towards bitcoin (BTC) and other cryptocurrencies, Peirce is an advocate of economic freedom and has often kicked against the idea that the financial markets could be transformed through regulatory micromanagement.
Since assuming office as an SEC Commissioner, Peirce has been working hard to ensure the United States put in place non-draconian regulations that would enable fintech and crypto startups to strive in the region.
Peirce Promoting Innovation
While nations just as Switzerland, Malta, and a host of have since formulated policies aimed at creating an enabling environment for crypto-focused businesses, the U.S. financial watchdog has exhibited a stricter stance towards cryptos in recent years, hammering down countless crypto-linked projects.
As reported by BTCManager earlier in May 2019, Peirce made it clear that the SEC’s lackadaisical approach towards meaningful crypto regulations is innovation-stifling.
In August 2019, Peirce declared her desire to create a regulated non-exclusive safe-harbor for crypto startups looking to conduct their token issuances and initial coin offerings (ICOs). And more recently, last February, Peirce drafted a proposal that would make it possible for newly issued tokens to run for at least three years before observing securities rules.
“Our securities laws stand in the way of innovation for digital assets. The fear of running afoul of the securities laws is real. Given the SEC’s enforcement activity in this area, these fears are not unfounded.”