The latest report in the town is that SEC commissioner Hester Peirce, also popular as “Crypto Mom” will forego the chance to become the US SEC Chair in the Trump administration. Instead, she would be working on a crypto task force that would help the regulator navigate through the demand of the crypto industry.
Hester Peirce to Lead the Crypto Task Force
SEC Commissioner Hester Peirce will be completing her term by June 2025, however, some familiar sources said that she isn’t willing to take the top job replacing Gary Gensler. This comes as a big surprise since everyone in the crypto industry, including Coinbase CEO Brian Armstrong, has been rooting for her appointment. “She would be the best choice. Smart, fair, professional. Can work with both sides,” said Armstrong.
She would be the best choice. Smart, fair, professional. Can work with both sides. https://t.co/YSs7DpNOnP
— Brian Armstrong (@brian_armstrong) November 7, 2024
In one of her recent interviews, Peirce also stated: “We’re not about who the person is sitting in a Chair, we’re about the rule of law. We have to remember that this is about getting the institutions right so that we can protect people’s freedom”.
Hester Peirce, known as “Crypto Mom” for her supportive stance on the industry, has advocated for “safe harbors” that permit companies working with emerging technologies like blockchain and AI to operate under regulatory oversight. She also stated that companies in this domain should not have the fear of facing regulatory actions with no wrongdoings.
Apart from Peirce, Republican SEC Commissioner Mark Uyeda also said that he would be working with the Trump administration to end SEC’s war on crypto. Speaking to Fox Business, he said:
“The Commission’s war on crypto must end, including crypto enforcement actions solely based on a failure to register with no allegation of fraud or harm. President Trump and the American electorate have sent a clear message. Starting in 2025, the SEC’s role is to carry out that mandate.”
Additionally, Ripple CEO Brad Garlinghouse has also demanded some positive crypto action in the first 100 days of the Trump administration.
If Not Peirce, Who Would be the Next SEC Chair?
The entire crypto community is watching anxiously as to who Donald Trump appoint the next SEC Chair. Crypto donations have played a vital role in Trump’s campaign thereby getting elected several crypto-friendly lawmakers this election.
There have been some interesting candidates in order to lead the position of the US SEC chair. While Hester Peirce focuses on the crypto task force, Robinhood’s Chief Legal Officer Dan Gallagher is emerging as the potential replacement for Gary Gensler.
Reportedly, Gallagher also has support from some of the top crypto executives and is popular for his crypto-friendly stand in the past. With his pro-innovation stance, Gallagher has been in favor of a lighter regulatory approach to cryptocurrencies. Additionally, he has consistently advocated for recognizing digital assets as a unique asset class, rather than categorizing them as securities.
As the Trump administration plans for a major overhaul at the federal agencies, Custodia Bank CEO Caitlin Long stated:
“The US federal financial agencies will need help to get up to speed on the pro-innovation policy changes that will come at them fast. I’ll volunteer! They’ve been stuck in anti-tech, anti-crypto groupthink (+ rewarded for it)–for years”.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
