Will Hester Peirce Give Up SEC Chair Post to Lead Crypto Task Force?

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As a seasoned researcher and analyst with a particular interest in the financial sector, I find myself intrigued by the recent developments regarding Hester Peirce’s decision to lead a crypto task force instead of becoming the US SEC Chair. Given my background and experience, I can appreciate the significance of this move, especially considering Peirce’s supportive stance on the crypto industry and her advocacy for “safe harbors.

According to recent news circulating in town, Commissioner Hester Peirce, affectionately known as “Crypto Mom,” has decided not to take up the position of US SEC Chair in the Trump administration. Instead, she plans to focus on a special cryptocurrency task force designed to guide the regulator through the complexities and demands of the crypto industry.

Hester Peirce to Lead the Crypto Task Force

Commissioner Hester Peirce of the SEC is set to finish her term by June 2025, but rumors suggest she isn’t interested in taking over the position currently held by Gary Gensler. This news has caught many off guard, especially within the crypto industry where figures like Coinbase CEO Brian Armstrong have openly supported her for the role. Armstrong commented that Peirce would be an excellent choice due to her intelligence, fairness, and professionalism, adding that she can collaborate with all parties involved.

She would be the best choice. Smart, fair, professional. Can work with both sides.

— Brian Armstrong (@brian_armstrong) November 7, 2024

During a recent conversation, Peirce expressed: “It’s not about the individual occupying the seat, it’s about upholding the rule of law. We must keep in mind that our focus should be on establishing strong institutions to safeguard individual liberties.

Hester Peirce, affectionately referred to as “Crypto Mom”, has championed for “safe havens” which would allow businesses dealing with novel technologies such as blockchain and AI to function under regulatory supervision. She also emphasized that these companies should not be unnecessarily worried about potential regulatory actions if they haven’t done anything improper.

Besides Peirce, Republican SEC Commissioner Mark Uyeda expressed his intention to collaborate with the Trump administration in an effort to put an end to the SEC’s ongoing battle against cryptocurrencies. In an interview with Fox Business, he stated this.

“It’s high time for the Commission to cease its battle against cryptocurrencies, particularly actions taken solely due to non-registration, without any evidence of fraud or misuse. The message from President Trump and the American voters is clear – starting in 2025, the SEC’s responsibility is to adhere to this mandate.

Furthermore, Brad Garlinghouse, CEO of Ripple, has also urged for constructive cryptocurrency actions within the initial 100 days of the Trump presidency.

If Not Peirce, Who Would be the Next SEC Chair?

There’s a lot of anticipation within the cryptocurrency community about who President Donald Trump will select as the next chair of the Securities and Exchange Commission (SEC), given his campaign received significant crypto donations that helped elect pro-cryptocurrency legislators in this election.

As a researcher delving into the ongoing discourse, I’ve noticed an intriguing array of contenders vying for the prestigious role of US SEC Chair. Among them, Hester Peirce has been championing the cause of the crypto task force, while Dan Gallagher, the Chief Legal Officer at Robinhood, is gaining traction as a potential successor to Gary Gensler in this position.

It’s said that Gallagher enjoys the backing of several leading figures in the crypto industry, thanks to his supportive stance on cryptocurrencies in the past. Known for his pro-innovation views, Gallagher has advocated for a less restrictive regulatory approach towards digital currencies. Furthermore, he has frequently argued that digital assets should be recognized as a distinct asset class, instead of being classified as securities.

In light of the Trump administration’s proposed significant changes across federal departments, Custodia Bank’s CEO, Caitlin Long, expressed her views.

It’s clear that the US federal financial agencies are going to have a hard time keeping pace with the rapid innovations in policy changes ahead. I’d be more than happy to lend a hand! For quite some time, they’ve been trapped in a mindset resistant to technology and cryptocurrencies, even being rewarded for it. But times are changing!

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2024-11-08 13:26