SEC’s Hester Peirce teases NFTs while outlining digital asset vision

Hester Peirce, an American lawyer and Commissioner at the US Securities and Exchange Commission (SEC), widely recognized in the industry as “Crypto Mom,” recently delivered a speech rich with non-fungible token (NFT) metaphors as she discussed the agency’s handling of digital assets.

In her speech at the Coin Center event, Peirce made light of rumors of stepping down from her position, especially since her term at the SEC was officially terminated in June. However, according to the laws permitting SEC commissioners, a commissioner can continue performing his or her duties for 18 more months until the US Senate nominates someone new. 

Peirce’s speech shocks the crypto ecosystem as individuals respond with mixed reactions 

Concerning her speech, Peirce stated that several individuals had been asking her what was next. Based on her argument, she stated that she could have decided to leave the government and completely change her perspective on crypto, but that path was too common for her.

According to the commissioner, her preferred occupation after stepping down from her position was to switch to beekeeping. In her explanation, apart from honey being tasty and healthy, the sting of a bee is less painful than that of her Twitter critics.

After making these remarks, Peirce made it clear that this was all a joke when she added that: “For my life after stepping down from my position at the SEC, I must go to Plan C, or more specifically, Plan NFT […] My NFT collection will feature characters I have met in the crypto world, particularly at its often tricky crossroads with policy.” 

Peirce is one of the four commissioners and three Republicans in charge of the SEC. She has often proposed and supported policies that benefit the crypto and blockchain industry. In support of this claim, the commissioner had announced a new task force assigned the role of establishing a framework for digital assets immediately after the resignation of former Chair Gary Gensler in January.

Her nickname, “Crypto Mom,” underscored the playful nature of her remarks. The NFT reference tied into her reputation in the industry, which spans relationships with crypto leaders, finance experts, regulators, and digital asset influencers. After the light banter, Peirce shifted focus to more serious matters, addressing the SEC’s direction going forward.

In a statement, she mentioned that she regretted that during most of her time at the SEC, she failed to persuade her colleagues in government to give the agency a fair chance. She further stated that she hoped that the agency and those they had inspired would exploit the golden opportunity of this period, where clear rules have replaced confusion as the aim of the government, to establish favourable outcomes that will enhance the happiness, safety, security, and prosperity of your family, friends, neighbors, and country.

Analysts anticipate clearer crypto regulations amid the SEC’s current direction  

Sources familiar with the situation revealed that Peirce’s remarks were not new. According to the sources, since Gensler stepped down, several individuals in the crypto industry have criticized his actions of pushing forth a “regulation by enforcement” approach. 

The sources also highlighted that the SEC has recently made important changes in digital asset management. Their analysis indicates that the agency began by taking some lengthy legal actions against crypto firms to court.

In addition, they are working on policies that crypto experts believe will pave the way for the approval of several exchange-traded funds. This has led several analysts to conclude that the SEC’s current direction is to support the industry by loosening regulatory rules.

Moreover, a market structure bill is currently being discussed in the US Senate. This bill is expected to create clearer guidelines for the agency on digital assets, particularly by stating specific roles for financial regulators. 

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