According to a December 10 tweet from Fox Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) commissioner Hester Pierce shared suggestions about how the new commission under incoming president Donald Trump could improve crypto regulations.
Terrett cited a recent Pierce interview by The Claman Countdown’s Liz Claman, where the commissioner outlined three things the commission needed to do to improve the crypto space. Pierce mentioned the need for an evolution in crypto regulations under Trump’s guidance to provide the crypto community with more clarity.
The commissioner, also known as the Crypto Mom, also hinted at the existence of Operation Chokehold 2.0, which the commission has previously denied. According to Pierce, the U.S. should stop the government chokepoint aspects of crypto regulations. The commissioner insisted that the government should not deny crypto holders access to services, including custody. The crypto mom highlighted the importance of the services to help the industry move forward.
Pierce further outlined why the industry was required to understand what aspects of crypto were under the U.S. SEC’s governance. In her opinion, the clarity would allow assets that were not securities to deal with the correct regulatory framework. Crypto holders would also know when they needed to follow the U.S. SEC regulations.
Hester Pierce says regulation adjustments need public contribution
The crypto mom has pointed out the issues of the U.S. SEC oversight on crypto, always insisting that her opinions were hers and did not reflect the commission’s opinion. Hester Pierce has further expressed her belief in crypto as an industry, applauding the investments into digital assets despite the continued regulatory uncertainty.
In the interview, Hester Pierce highlighted that the adjustment in crypto regulations would require the contribution of all entities involved in crypto, including the public. On November 13, Pierce clarified what public involvement would mean. In her opinion, the commission required an environment that healthily fuels widespread discussion on better regulations.
A November 1 filing by the commissioner revealed her worry that the U.S. SEC might have needed more time to handle more public regulatory discussions under Gary Gensler’s leadership. Gensler has since announced his resignation, which is meant to take effect in January. President-elect Trump has also announced Paul Atkins as the next commission chair.
Trump recently introduced another post in his administration, the crypto czar, to overlook regulations and artificial intelligence. While most expected the former U.S. CFTC chair Christopher Giancarlo to get the position, the incoming president announced David Sacks as the first crypto czar.
The crypto community doubts the commission’s role
Many crypto enthusiasts commented on Terrett’s post, questioning the necessity of the U.S. SEC as a crypto regulatory body. One commenter suggested that Trump’s administration eliminate the commission, while another suggested defunding it.
There were also concerns about whether Commissioner Hester Pierce would help crypto. While some expressed faith in her, others hinted that she would not help the crypto industry and regulatory issues. One commenter said that Pierce was ‘all talk and no substance,’ insisting that she could have been more outspoken in 2020 during the Ripple case filing.
Former CFTC chair Giancarlo suggested that the commission should not handle crypto regulations. In his opinion, the CFTC should have taken the reins. In a recent development, Congress introduced a bipartisan bill allowing the commission and the CFTC to work as a joint force.
Land a High-Paying Web3 Job in 90 Days: The Ultimate Roadmap
