Key changes are underway at the United States Securities and Exchange Commission (SEC). With Chair Gary Gensler now gone, President Donald Trump has been busy over the past two days.
After taking over from Joe Biden, he appointed Mark Uyeda as Gensler’s temporary replacement while the Senate prepares to vet Paul Atkins, another pro-crypto advocate, who is set to replace Uyeda. Meanwhile, other key developments are unfolding.
Yesterday, the president appointed Hester Peirce, a Commissioner of the SEC, as the head of the newly established “crypto task force.” While Peirce will continue to serve as a Commissioner, her new role will involve spearheading efforts to create tailored crypto regulations.
Admittedly, this will be a challenging task for Peirce. This is considering the pressure the Trump administration faces from crypto advocates in the United States and the complex, evolving global regulatory landscape.
Is This a New Era for Crypto Regulations in the United States?
The formation of the task force signals a major shift in how the United States approaches the multi-trillion-dollar crypto industry. Both Uyeda and Peirce are pro-crypto and have, at times, opposed proposals implemented by Gensler during the Biden administration.
Under Gensler, the SEC primarily regulated through enforcement, suing over a dozen high-profile crypto firms and funds in the last four years. For example, Binance paid over $4 billion to settle, while Coinbase resisted, opting to battle the Commission in court.
During Gensler’s tenure, the SEC also failed to clarify the status of ETH, the second-largest crypto. Rumors circulated that the agency viewed ETH as an unregistered security. However, a spot Ethereum exchange-traded fund (ETF) was eventually approved after reported pressure from the White House.
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Who is Hester Peirce?
Given Peirce’s track record and stance on crypto, her task force leadership could mark the beginning of a new era of clearer digital asset regulations.
Peirce’s journey began in 1997 when she worked as a court clerk before joining the SEC in 2000. In 2004, she moved from the Division of Investment Management. There, she counseled incoming SEC Chair Paul Atkins, providing legal advice on various regulatory matters.
Four years later, in 2008, she joined the Senate Committee on Banking, Housing, and Urban Affairs. There, she contributed to asset and securities regulation reforms, including the Dodd-Frank Act.
2017 President Trump appointed her as one of the five SEC Commissioners. Since then, Peirce has been a vocal advocate for crypto-friendly regulations, frequently attending crypto conferences and engaging with industry stakeholders.
One of her notable initiatives is the “Safe Harbor” proposal, which suggests that new crypto firms complying with existing laws—including providing clear disclosures and avoiding fraudulent activities—should be granted a three-year grace period to grow without SEC enforcement actions.
For now, the task force’s success under Peirce’s leadership remains to be seen. Will the SEC draft regulations that balance innovation and oversight while gaining favor among crypto players over the next five years? Only time will tell.
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The post Everything You Need to Know About New SEC Boss Hester Peirce appeared first on 99Bitcoins.
