YouSaid · the spoken record

Hester Peirce

lines on the record: 45
first: 2023-09-20
most recent: 2023-09-20
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Well, so again, I think stablecoins is another area where it's helpful that Congress is taking There's experience that we could bring to bear on that, but again, it's up to Congress to make that call”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“And does the parallel stand out to a stable coin, which also promises a peg, but it's not regulated. So if as an algorithm stablecoin before has broken, there aren't investment protections. But does that parallel stand out to you? Or what is the difference?”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“No, the money market funds fit money market funds are investment companies. And when you buy a share of an investment company, you're buying a share of a pool and they actually do fit very neatly within. And you are earning a return. You're not earning, again, they're designed to stick at a dollar, but you are earning a return on the money that you put in there.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“This just popped in my head, but with the money market fund, you're buying it for a dollar and it's never going to go to a dollar and fifty cents or $5. So is there really an expectation of profit and by that logic, does it fail the Howey test? Is it not”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Rule, and as a result, I'm concerned that maybe we missed out on some very key help that we could have gotten from the public in thinking about whether to really adopt that feature and if so, what the feature should look like. My view is the best way to have a very robust financial system that will survive when there are shocks, whether they're from COVID or something else that we can't even imagine now is to have heterogeneity so that you don't have everyone doing exactly the same thing at exactly the same time. And so that's something I think that final money market fund rule didn't really help us build into the system that heterogeneity. So I like to have people trying different things. And we'll see. I mean, I hope, again, that it will, my experience. And my concerns won't be realized, but we will have to see how that plays out.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“It is quite technical. The rules have been finalized, and we'll see how they play out. You know, it won't surprise probably this audience to know that my general approach is there is a role for regulation to play, but we need to identify a problem and then figure out if a regulatory solution is the right solution. And if we're looking at regulatory solutions, can we think about regulatory solutions that will allow private decision makers who are closer to the facts and circumstances to make decisions? Can we give them optionality? And I think one of my concerns around the final money market fund rule was that we took away some of that optionality and we, although we did it in a way that I think was a lot of people had concerns around the proposal, the final rule was a little bit more temper, but we didn't really get comment on the design of one of the features of the final.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Now talking about money market reform, some reforms were proposed and I believe this was into how certain money markets performed during March 2020 when there's a global liquidity crisis on the financial system. What is your views on these reforms? Do you think they would help propose stability? And for our audience, it is very technical.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“We're not looking at the merits of that, we're just trying to make sure that companies are making disclosures so that an investor buying into that understands the risks that are involved in that and then is making an informed decision. But that's not our decision to make at the end of the day. But I think an important message to any company deciding to go public regardless of how it's going to go public. Being public is not easy. There are a lot of obligations that flow from being public, and so you have to be ready for those obligations. Some people like the SPAC route because they thought it was a faster way to go public, but you still are once you're public, you're going to have to meet all of those obligations that go with being a public company. And so it's something. Companies have to think about when they're making that choice.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Raised a lot of questions around whether SPACs will move forward. I think the point you raised the concern around performance, the SEC is not in the business of telling investors that some investment is going to succeed or fail. And when a company goes through a registration process, whether it's going to IPO and the traditional way or it's going through a process where it's a sped becoming public through a spec.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Quite negative towards SPACs, it would create some burdens around that process and would put some liabilities on certain players involved in that process that I think has made there are a lot of factors going into why the number of SPACs has fallen, but I think certainly regulatory uncertainty and concern Angst plays a role there as well. And it's not only with respect to that proposal, which is still out there and under consideration, but also with respect to some accounting guidance that has come out from the SEC or from the SEC staff. And so I think the combination of that has”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“I did. And so there has been a lot of activities, back activity. And one question that made me ask is Is there something wrong with our existing IPO system framework that we need to think about because if so many companies are choosing a different method to go public, we should at least be asking, is there something that needs to be adjusted on the IPO side? Rule that we put out, I think was quite”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Thanks. Now, if you can venture outside of the world of crypto, let's talk about special purpose acquisition companies or SPACs, vehicles that in some way have a little bit more liberty than going public than companies that IPO so they can share projections about where they think some certain earnings are going and they're giving a little bit more leeway than IPOs because it's a reverse merger. It's the view of some that in late 2020 and 2021 certain companies went public and I mean the investment results for people who invested in them are not good. And they went to $60 people bought at $60 and it went to 60 cents or something like that. And so some of the SEC are proposing new rules and regulations for disclosure. So tell us about those rules and regulations that are being proposed as well.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Specific regulator to do that, they might decide to give pieces of it to us, pieces of it to the CFDC, they might decide to give it to the FTC. It really or to the banking regulators or create some sort of self-regulatory structure that somehow reports up. There are all kinds of things. They could create a task force that pulled some people from the CFTC and the SEC and had both agencies kind of working in parallel. There are a lot of different options. I think some have been laid out in some of the bills that are floating around Congress now on both the House side and the Senate. But ultimately, it's their call, and I think that's where the decision making should lie.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“I mean, it's really Congress's decision. I think we have some Experience and expertise that would enable us to be useful as a regulator of trading centralized trading platforms, for example, or as a regulator of disclosure around token offerings. So we have talents, we have talented staff who spent a lot of time thinking about those kinds of issues in the security space, and that could be extended out. But if Congress decides that someone else should do that, that's kind of Congress's choice, and they might decide to create a”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Thank you for laying that out. So, what is your vision if you towards regulation towards crypto, would it not be not related by SEC, it would be in the regulatory authority of another body? Would there be a new body created?”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, I mean, we have a big set of laws that we implement, but our remit is securities. Securities transactions and securities. So things that are outside of it are not within our purview. Now, Congress could change that and could say, we want you just to be to go back to your point about we've got this big disclosure system. They could say we want you to expand your disclosure system so that you now are also responsible for disclosures around any token offering regardless of whether it's a securities offering or not. Congress could do that. But right now our remit is... Limited to securities.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Thanks. So we explored in some depth your views on what a security is, but what about the question of the SEC's jurisdiction or ability to regulate or enforce for things that are not security? So for example, let's say”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“That's, I think, I would characterize it as people who are frustrated by the lack of answers from the regulatory. Side of the world. It's not just the SEC, I think it's other regulators. And that's where we could be doing a better job. To address some of the things that we're calling lawless, it's because there's just this ambiguity out there. So we can actually solve that problem. We just need to step up and do it. And we need to do it in a way that will allow us then to identify people who really are the bad actors. It will make it easier if we have some kind of framework in place, much easier to identify the bad actors. We're really doing no one any favors by painting the very bad people who are stealing people's money with the same brush as people who are just confused about how the regulatory apparatus applies to what they're doing.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Rules that would apply to a very mature company going public. That just doesn't make a lot of sense. Or we're trying to understand how do we custody in this space in a way that's consistent with the SEC's rules. Or we're trying to understand as a broker dealer or an investment advisor, how can we work with our clients who are interested in being in this space? That I think is a bigger group of people who want to just figure out how to do it and frankly don't want to spend all their time thinking about regulation, not because they want to do something that's Contrary to regulation, but because they want to spend their time thinking about the technology and about what they're trying to build and what problem they're trying to solve, real world problem.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“The sign above the door that said crypto, and then they have just run off with people's money. So there's a lot of that, and I think you see that anytime you have something that is trending popularly, people will use, bad people will use that as a way to steal other people's money. So certainly there's that piece of it. But I think there's another bigger piece of the crypto world where people are saying, look, we want to experiment with this technology. We're not exactly sure where it's going to go, but we want a chance to try to see where it will take us and where it will go. And we want to do that within the confines of the law. We want to comply with the law. But there's some areas where we have questions where we don't understand how this will work. Like you can't tell a crypto startup that they have to comply with the same.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Well, I think we can all sit down and think about crypto and identify some at least things that labeled themselves as crypto that then really went to town and ripped people off. And at the SEC, one of the things that we do as a commission is we review these enforcement cases. And there are an unending number of cases in which people have”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Parts and pieces of crypto. And so I think we've gotten a lot of feedback on that. Look, my concern is that the way I read that rule proposal, the reproposal, and I hope someone can tell me that my reading was not right, but the way I read it is it said you either have to centralize, you have to get out of the United States, or you have to shut down. And that seems problematic. Again, I think there's We need to be careful not to Try to reach activity that is people using a protocol, right? It's a peer-to-protocol transaction. A peer to peer transaction. We need to be careful not to try to force an intermediary in there to make one up where none exists. Because I think that could have the effect of really making it difficult for people even to write computer code without running into potential legal problems.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“It's a proposal that's out for comment, so I'm keeping an open mind to what commenters say, but some of when we put it out, so we actually put it out originally for proposal without mentioning crypto, or maybe there was a bare mention, but really that wasn't the focus of the proposal. We got a lot of comments in saying we think this could actually touch crypto. And so then we put out a reposal in which we made it very clear that it would indeed touch crypto and decentralized exchanges, among others, among other”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Thanks for explaining that earlier you referenced a proposal from the ICC to expand or change the definition of an exchange. Why is that significant? And it sounds like you disagree with that. Why do you disagree with that?”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“But it shouldn't come from me. It should come from the agency as a whole so that people can then rely on that and then they can go do their thing either within the confines of the securities laws or outside of it. And if they're going to be within the confines of the securities laws, we should think about, are there any changes that we need to make to the registration system? Are there exemptions that we should create specifically for this set of offerings? Because maybe there's different kind of information people need? Or does this set of offerings just work within the existing system? Know again, that's a conversation we can have, but I think we have to. Be willing to be a little bit more legally precise as we approach this problem.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“They can weather an offering, whether when they sell tokens, that offering would be considered to be a securities offering or not. And then whether or not a token, you know itself is a security. I think we could do a better job on providing some guidance there.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“I've said in the past when people have asked me questions about whether a particular tokens fall within the bucket of securities is I've tended to take quite a different approach to some of my colleagues around how to think about this and I just think we need to be more legally precise and again that goes to thinking about how the Howie test applies to digital assets, how we've applied it in the past to physical assets and trying to marry those two up and make sure that those are consistent. And so that's where I think all of us need to just be a little bit more precise and that requires you to look at the facts and circumstances of each situation. That said, I think you can end up in a place where people have enough guidance to understand how”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“No, no, it's not. And again, facts and circumstances matter. I'm just giving you an example, you can't make a blanket statement that Every token is a security or every token is not a security because you can design, that's one of the interesting things about tokens, right? You can design features of the token. You can program things in to the token that I think make it quite powerful, but you could also program things in that could turn it into The token itself into a security. In other instances, you can have a non security token that is sold as part of a securities offering because it comes with these promises that are attached to it.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“I mean, and you could create a token that itself was a security, right? If it was kicking off dividends, you could take a stock. Standard share of a stock, and you could tokenize it. It would be a token and it would also be a security. So it depends, you know, again, as we always say, it's facts and circumstances. There are many instances where you have a token that Just like a chinchilla, we've had a case, a Howie case involving chinchillas, right? Taking chinchilla and you can sell it in a way that it then is part of a securities offering. You can take a token and sell it as part of a securities offering.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Let's keep it in the abstract and not call it on a particular thing. But there's an initial coin offering or some protocol. Coins are distributed and sold. You're saying the coins themselves are not security, but is there anything that is security?”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Think about not looking at the asset itself alone, but the asset along with the promises that may come with it. And sometimes those promises are explicit, sometimes not. But I think that's where we need to be more precise as a regulator and where people in the industry need to be just thinking about how different things they're doing might interact with this very broad definition of what a security is.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“So that test has been applied in lots of different circumstances to lots of different fun fact patterns. Crypto has really brought that test into the spotlight. And it's been a little bit difficult to apply the test in the crypto area. And I think there's been a lot of imprecision in language when talking about applying the test. The orange grove, for example, did not itself become a security because it came with those promises. It was being sold in a securities transaction because it came with those promises, but those promises were integral to the consideration of it. So I think trying to apply that in the crypto space, you have to”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“With the expectation of profits based solely on the efforts of another person or another entity. And that's what you had in the Howie case. That was the defining case that came up with that test. People bought parts of an orange grove, but with that they got a contract with which someone else would do the work to maintain the orange grove and make it profitable.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Well, so the definition of security in the United States is very broad and includes things that you might necessarily think of first, right? A stock or a bond that's obviously in the category of security, but there are other things that fall within that category. And then there's this kind of catch-all, which is an investment contract. And the idea is if I say to you, hey, Jack, give me some money, I'm going to build an enterprise and I'm going to give you a share of the profits in that enterprise. That is a securities transaction, right? I've said to you, just sit back. All you need is give me the money. I'll do all the work and then you'll benefit from that work. That's what an investment contract is trying to capture. That's what the Howie test is. The Howie test says, okay, has there been an investment of money?”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“So much of this depends on, I think, two questions. One is what is within the SEC's purview? Is it just securities or is it other things? And the second is, what is a security? Another something called a Howie test, which please tell us what that is, as well as your interpretation of it. I know you've got an orange grove theory. And then based on your Orange Grove theory, are you saying that there are certain investment contracts that are securities within the digital asset world? Tokens are only one part of them, so by themselves they are not securities.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“But sometimes people call things decentralized and they're not, or they call things, you know, they say, well, everything's on chain and it turns out a bunch of activity is happening off chain that would be really valuable for people to know. So we have to be honest with ourselves and then figure out what the best tool is for getting us to the place we want to be. Obviously some of this stuff can be done by the industry without having the SEC get involved. I mean, you can set up some sort of a repository to have information about projects without having the SEC involved. So I think that people involved in working on projects should also be thinking about their own solutions.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Of our disclosure regime to get to the information that people really would want to know in this situation at the time when that project starts out, it's not there really is an information asymmetry problem. The people who are developing the project have information that maybe everyone else doesn't. And so how can we use our disclosure regime in that scenario? I think you could, but I think it's also really important to remember that we want to take advantage of what this technology can give us if you truly are living in a decentralized world where everything is on chain, then nobody does have an information advantage over anyone else.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Well, I mean, you're right that the SEC has a long history of being a disclosure regulator. We have systems in place that work quite well for giving people information about public companies, about mutual funds. And so that is a powerful tool that we could use in the crypto space. But as you also point out, there's some amount of transparency that comes from being on the blockchain that is just new, it's different. And so how can you leverage that technology and then say, okay, there are places where the SEC disclosure regime is needed to fill that in. Do we want to have a system where if you're launching, if you're doing an initial coin offering that you are providing certain information to the people who are buying that token? I put out a safe harbor a number of years ago with this idea of saying, okay, we can use some else.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Thank you. So I look at the traditional financial system where my background is, and I see the SEC plays a big role there, and I see particularly in disclosure, I think it is a phenomenal system of, oh, I want to look up some sort of report and they file it with the SEC. And you have to sometimes do a little bit of work to find out, but the information is there and obviously a promise of crypto and digital assets is a lot of transparent, but as we know, sometimes there is not a lot of transparency as well. So what would your vision be for the SEC's posture towards crypto when it comes to sort of people have to file things and it's transparent and you can sort of figure out that information? I know you spoken just about the importance of transparency, but there's the standard of, oh, people, you know, companies, crypto assets protocols should be transparent versus they should have to register and they should have to. So how do you sort of navigate that?”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Those are opportunities for people to weigh in. It's not the way I would prefer to deal with some of these things. I think we're also in a situation where Congress is pretty active. And so we have to somewhat step back and allow Congress to make the decisions. It's obviously their call whether we're the regulator and CFTC is the regulator. EFTC or some other agency is the regulator, the banking regulator. So it's a little bit of a dance to and trying to figure out where can we be most productive in these conversations? Where should we defer to Congress to make some of these calls before we get involved”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“So that lots of people can weigh in. I think that ends up leading to better regulation that's not tailored to any one particular entity. And really tackling some of these big, difficult questions together, I think that would be what I'd like to do. We are doing some things on the regulatory side that will touch crypto. We have a rule out for investment advisor custody that has a component that's related to crypto. We have a regulation around best execution that is for broker dealers that also has a section on crypto. We have a proposal to redefine exchange, which really would have consequences for crypto to the extent, again, that crypto assets are being treated as securities, that this all gets pulled in.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“We're doing a lot in enforcement with respect to crypto and less on the regulatory side. Their problems in both of those arenas, I think that we would be better off, certainly if I could turn the clock back to provide some guidance earlier in certainly in my tenure, I've been at the SEC since 2018. There were opportunities for us to weigh in and provide some guidance which would have helped to shape some of this in the first place. But we are where we are with respect to that. I think there's still areas where we could be helpful in helping people think through what would registration actually look like if some of these entities or projects had to register where are the pain points, talking with people and understanding where the pain points are, having a conversation that's not only with individual industry players, but a more public conversation.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Stepping out from any particular cases in terms of the law and in terms of setting what is right, how do you characterize your current SEC's posture towards crypto and what are your personal, as you say, views on it?”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“I do think that it is a very active time at the SEC. The number of rulemakings and the number of really big rulemakings that are going on is quite astounding. And if they're all adopted, we'll change pretty fundamentally the way our markets work. So it's an active time. There's a lot to learn about and a lot to work on.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT
“Thanks for the chance to be here, and I want to start with my disclaimer, which is that my views are my own views as a commissioner, not necessarily those of the SEC or my fellow commissioners.”
2023-09-20 · Forward Guidance · SEC Commissioner Hester Peirce on Regulation In Crypto, SPACs, and Money Market Funds · IDENTIFIED FROM THE TRANSCRIPT