SEC “Crypto Mom” Sits Down at Blockchain Digital Asset Forum: Wealth Shouldn’t Be a Requirement to Prosper
On March 26, the Blockchain Digital Asset Forum took place, where SEC Commissioner Hester Peirce was able to speak on various issues in the crypto industry. According to an article by Forbes, Peirce explained that the SEC utilizes many different resources, simply to ensure that the public is capable of following the rules laid out by them. The conversation turned towards Peirce's pro-crypto stance, saying that she can relate to “some of what’s driving people in this space,” while still aiming to better the circumstances.
Peirce expressed that she has a certain influence in the regulatory measures that the SEC sets up, saying that the agency has historically “not been great on innovation,” which is what led her down the crypto rabbit hole. Much of the notoriety she earned as “Crypto Mom” came from her dissatisfaction with the SEC over denying the Bitcoin ETF proposed by the Winklevoss brothers.
Part of the reasons she disagreed with the lack of approval was because it was based on ideas and concerns that were outside the scope of the SEC. Furthermore, she said that the decision was made with the assumption by the SEC that the product would not be good for investors. While Peirce agreed that she did not know if a crypto-based ETF would benefit the investors, she said that she believes that the choice would be better made by the investors themselves.
The interview at the event also enlightened the audience about the way that the SEC functions, overall. She spoke on the process that happens when an ETF application is submitted to them, along with the conflicts between commissioners over the proper regulation of cryptocurrency. The discussion also went over initial coin offerings (ICOs), and what would be the potential fate of the many ICOs with enforcement actions in place. While she was uncertain about the enforcement actions presently in progress, she encouraged ICOs to follow the path of Gladius, which self-reported before the SEC took hold.
A major topic of discussion was the concept of the accredited investor requirement, which is outlined in the Token Taxonomy Act. In her opinion, this type of policy basically says that an investor would “have to be rich in order to get rich,” which should not be the structure of the crypto industry, whether the SEC rules it or not.
To listen to the full chat, interviewer Laura Shin posted a link to Twitter with all of the details on the Crypto Mom’s talk.
On Unchained, SEC Commissioner @HesterPeirce discusses a Bitcoin ETF, ICOs, what happens when commissioners disagree, dexes, stablecoins, security tokens and more. Check it out! https://t.co/TwYtaHsihR
— Laura Shin (@laurashin) April 2, 2019