SEC Commissioner Hester Peirce, a public official that has long favored Fintech innovation and more specifically the digital asset sector, has been confirmed by the US Senate on a voice vote for another 5 year term. The vote was held yesterday and indicative of a smooth process for Commissioner Peirce to remain in her current role.
Last month in late July, Peirce testified before the Senate Banking Committee in a hearing regarding her nomination. Peirce, originally from the midwest, discussed her efforts during the past several years:
“We also have applied a benefit-cost lens to public company regulatory obligations, initiated changes to equity market structure so it can serve investors and companies of all sizes, and scaled regulatory requirements for small entities. We have worked—with urging from me, the ever vocal Midwesterner—to streamline the capital raising process for small companies and entrepreneurs all across the country, not just on the coasts.”
During the hearing, Peirce pointed to temporary relief under Reg CF as one of the ways the Commission has aided small businesses during the COVID crisis. Peirce also mentioned ongoing efforts to improve private markets to serve companies of all sizes – including the small ones. She also commented on her work regarding digital assets and providing a framework that gives people the certainty they need to conduct innovative offerings in the United States.
Peirce, in fact, has proposed a safe harbor for digital assets addressing the current ambiguity that exists as to when a digital asset is a security and when it is not. The Commission has tiptoed around clarifying digital assets as it has struggled to apply existing law to a concept that only recently became a popular capital-raising process.
Crypto proponents have lauded Peirce’s re-appointment but as the US is in a Presidential election cycle it will not be clear as to how much impact she will have until after the November election.