Though she said she was joking about “becoming an NFT creator” after her time at the SEC, the commissioner signaled she was working “to get crypto policy right” first.
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Hester Peirce, a commissioner at the US Securities and Exchange Commission (SEC) known by many in the industry as “Crypto Mom,” gave a speech laced with non-fungible token (NFT) metaphors and a review of the agency’s approach to digital assets.
Speaking at a Coin Center event on Thursday, Peirce to joke in response to speculation that her “days at the SEC [were] numbered,” given her term officially expired in June. However, statutes allow SEC commissioners to serve up to an additional 18 months until the US Senate confirms a replacement.
“A lot of people have asked me what is next,” said Peirce. “I could leave the government and do a 180 on crypto, but that career path is too well-trodden for me. My plan long had been to transition to beekeeping—honey is delicious and nutritious, and bees sting with less glee than most of my Twitter commenters.”
She added, later clarifying that she was joking:
“For post-SEC life, therefore, I must turn to Plan C, or more precisely, Plan NFT […] My NFT collection is going to be a set of characters that I have encountered in the world of crypto, especially at its current, often uncomfortable intersection with policy.”
Peirce, as one of four commissioners and three Republicans currently serving in the SEC’s leadership, has often introduced and backed policy proposals favoring the crypto and blockchain industry. Following the departure of former Chair Gary Gensler in January, she of a crypto task force aimed at developing a framework for digital assets.
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The SEC’s “Crypto Mom” appeared to joke with the event’s attendees, describing NFTs resembling her, crypto CEOs, figures from traditional finance, regulators and digital asset influencers before shifting to a serious note on the agency’s future.
“I am sorry that over most of my tenure at the SEC I failed to convince my colleagues in government to give you a chance,” said Peirce. “I hope that you and others whom you have inspired will use this time—a time in which regulatory clarity has replaced ambiguity as government’s objective—to build good things that will enhance the safety, security, happiness, and prosperity of your family, friends, neighbors, and nation.”
Peirce’s comments were not unprecedented. Since the departure of Gensler, whom many in the crypto industry criticized for enacting a “regulation by enforcement” agenda, the SEC has dramatically changed its approach to digital assets.
Starting with the courts, dropping some years-long enforcement lawsuits against crypto companies, and moving to policies that some experts say of exchange-traded fund approvals, the current path of the SEC seems to favor the industry by softening regulatory guidelines.
A market structure bill currently moving through the US Senate is also expected to give the agency greater clarity on digital assets by establishing clear roles for financial regulators.
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