Hester Pierce who is popularly known as ‘Crypto Mom’ among the crypto community has got an extension for the second tenure as one of the five commissioners with the Securities and Exchange Commission (SEC) of the US.

Pierce’s tenure as Commissioner was originally nominated by President Obama in 2015 which was supposed to end in June 2020. But with Trump's government’s nomination, she has got the second term, which will remain till 2025.

Hester Piece favors Crypto Industry 

Pierce has been a strong advocate of the crypto industry and she has expressed herself aggressively in favor of the crypto industry in the past time. Hester intends to bring crypto-friendly regulatory policies to uplift the industry.

She was dubbed as “Crypto Mom” after she had publically displayed discord with the SEC’s decision to reject the Bitcoin exchange-traded fund (ETF) application filed by Cameron and Tyler Winklevoss brothers. Recently she again had dissented with the SEC’s decision to dismiss the Exchange Traded Fund (ETF) bided by the Wilshire.

Pierce’s Safe Harbor proposal for crypto enterprises 

In April this year, she had recommended a safe harbor proposal to the SEC for crypto startups and decentralized network developers. The proposal facilitates the enterprises to raise funds through the issuance of tokens. Pierce also had asked for a public opinion after the submission of the proposal.  

The Safe Harbor exemption for three years allows the crypto projects to develop their network and communities without any compliance confinements from the SEC.

Peirce intends to bring More Regulatory Reforms 

Peirce has been dubbed “Crypto Mom,” after she publicly dissented on the SEC’s decision to reject a Bitcoin exchange-traded fund application filed by Cameron and Tyler Winklevoss.

Piece believes that her work is incomplete at SEC and she had expressed this sentiment in the past.

In February 2020, she said,” I certainly don’t feel done with what I want to do at the SEC. I don’t feel done. There’s lots of work still to be done.”

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Jayashree Ingle

CBW - External Analyst

INDIA