- The Securities and Exchange Commission (SEC) Commissioner Hester Pierce has been re-elected to serve for another term.
- Pierce was chosen by President Barack Obama to fill the vacant Republican seat where it was not confirmed until 2017 under the Trump Administration.
- Pierce described Bitcoin as a new phenomenon and recognized that its long-term viability is uncertain.
The Securities and Exchange Commission (SEC) Commissioner Hester Pierce has been re-elected to serve for another term with the regulatory body till 2025. A well known name in the blockchain circles, Pierce is also known as the “Crypto Mom”.
She is actively working towards developing a positive regulatory vision for cryptocurrencies. Her reforms in the crypto world include introducing a Safe Harbour Period for digital assets and dissent against anti-crypto decisions.
Making into SEC
Initially in 2016, Pierce was chosen by President Barack Obama to fill the vacant Republican seat where it was not confirmed until 2017 under the Trump Administration. Hence, she was confirmed by the U.S senate on December 21,2017 and commenced her role on January 11, 2018.
Prior to joining the SEC commissioner, Pierce was the director of Mercatus Center at George Mason University where she researched on the regulations of financial markets.
Along with her current role, she served as counsel to SEC commissioner Paul S Atkins.
She also served as a Staff Attorney in the SEC’s Division of Investment Management and as the Senate Committee on Banking, Housing and Urban Affairs.
Last Month, Pierce was re-nominated and got elected during a Senate vote on August 5, 2020. This news was welcomed by the cryptocurrency world and many crypto propators lauded it as she has been one of the regulators who are most open to the emerging scene.
Reforms as a Cryptocurrency Icon
Starting from her first year at the U.S Securities and Exchange Commission, she quickly made her name as an advocate for innovation when she finally dissented from a disapproval of the Winklevoss Bitcoin Trust ETF proposed by Cboe for listing on its Bats Exchange. She often took a stance toward cryptocurrency than other members of SEC and has continuously voiced her objection against anti-cryptocurrency decisions.
After objecting to the SEC’s decision to reject the bitcoin ETF championed by Tyler and Cameron Winklevoss, she was entitled as “Crypto Mom” by the online cryptocurrency community. Pierce described Bitcoin as a new phenomenon and recognized that its long-term viability is uncertain.
She particularly disagreed with the SEC’s decision to shut down Telegram’s blockchain project this year claiming that telegram had built a working product and made good faith efforts to comply with the federal securities laws.
Most recently, in February , the commissioner proposed that cryptocurrency start-ups should be given a ‘Safe Harbour Period’, which provides budding crypto firms a three-year grace period from their first token sale before determining whether regulator’s securities laws comply with them.
Pierce even published a book namely Dodd Frank, What it Does and Why It’s Flawed in which she argued for economic freedom. SEC is often strict towards cryptocurrency and rejects new financial products with some good reason where Hester herself does not comment on them.