Ahead of the 2024 U.S. presidential election, Hester Peirce, a commissioner at the Securities and Exchange Commission (SEC), shared her insights on crypto regulation and the potential impact of a new administration.
What Happened: Affectionately known in the sector as “crypto mom,” Peirce expressed discomfort with that label.
“I'm not your mom,” Peirce told DL News in an interview published Tuesday.
Peirce also discussed the SEC’s ongoing crypto crackdown, the future of crypto exchange-traded funds (ETFs) and the potential impact of the upcoming presidential election.
As one of two Republican commissioners at the SEC, Peirce is considered a likely candidate to replace current SEC chair Gary Gensler if GOP nominee Donald Trump wins the presidency in November.
“It could really be anyone,” she told the publication, citing the president’s “wide latitude.”
Regarding the SEC’s relationship with the Commodity Futures Exchange Commission (CFTC), Peirce highlighted the need for cooperation, stating, “We both serve the American people and the American markets.”
Peirce also addressed the Supreme Court’s recent decision to overturn the Chevron doctrine, which could impact the SEC’s regulatory authority. Adhering to Congressional intent in regulatory actions is important, she emphasized.
As for the ongoing court cases, Pierce refrained from commenting. She expresses regret over the SEC’s lawsuit against blockchain publishing company LBRY and criticized the lawsuit against the NFT project Stoner Cats as arbitrary.
Peirce advocates for consistent treatment of crypto ETFs. But SEC approval does not equate to an endorsement of the product’s safety, she said.
See Also: Odds Of Trump Presidency Raised To All-Time High By Crypto Bettors After Assassination Bid
Why It Matters: A potential leadership change at the SEC could have significant implications for the cryptocurrency industry. Were Trump to win the presidency, Peirce — known for her pro-crypto stance — might become the new SEC chair.
Adding to the context, Senator J.D. Vance (R-Ohio), Trump’s vice-presidential pick, is a strong supporter of cryptocurrency. Vance holds a substantial amount of Bitcoin BTC/USD and has promoted legislation favorable to the crypto industry. This alignment could further influence the regulatory landscape if Trump and Vance take office.
Experts believe that a Trump administration might adopt a less stringent regulatory approach towards cryptocurrencies. This could potentially benefit major crypto firms like Coinbase Global Inc. COIN, which has been navigating regulatory challenges under the current administration.
SkyBridge Capital CEO Anthony Scaramucci believes the contrary.
"I tell Bitcoiners you are at risk if you get somebody [Trump] that wants to destroy the institutions of democracy, separation of powers in the constitution,” he said.
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