A member of the US Securities and Exchange Commission (SEC), Hester Peirce, shared her thoughts on how to foster more enduring changes in cryptocurrency regulations across different administrations with varying perspectives.
During her speech at the DC Blockchain Summit on March 26, Peirce, who leads the SEC’s crypto task force, articulated her belief that the agency could establish greater “durability” for digital asset regulations through its own rulemaking and legislative efforts in Congress. She noted that such measures would provide a more stable foundation than the guidance documents issued by the agency, including a recent statement determining that certain memecoins do not meet the criteria for securities.
“I hope individuals won’t be overly focused on the Howey test,” Peirce remarked, speculating on possible directions for the SEC. “While your legal advisors may need to consider these factors, it shouldn’t dictate the decisions you make in terms of what you aim to develop. I would like there to be sufficient clarity regarding what falls under our jurisdiction and, if it does, what steps you can take moving forward.”
A Commissioner Peirce speaking at the DC Blockchain Summit on March 26. Source: Rumble
Peirce’s comments came amid reports that the SEC has halted various investigations or enforcement actions against several prominent cryptocurrency companies, including Coinbase, Ripple, Kraken, and Immutable. Some observers interpret the SEC’s shift under interim chair Mark Uyeda as an initiative orchestrated by former President Trump to alleviate pressure on firms that backed his 2024 election campaign.
Related: SEC plans four additional crypto roundtables on trading, custody, tokenization, and DeFi.
Since the beginning of the 119th Congress in January, lawmakers have expressed their intent to advance a market structure bill that would clarify the respective roles of the SEC and the Commodity Futures Trading Commission in relation to digital assets. On just his third day in office, Trump signed an executive order to form a working group that would investigate, among other matters, a regulatory framework for stablecoins.
Could a new SEC chair be on the way?
Paul Atkins, who was nominated by Trump as an SEC commissioner in December, is set to appear before the Senate Banking Committee on March 27, where he will likely field questions regarding his stance on cryptocurrency regulation. Many within the crypto sector have shown support for the former commissioner, who has ties to the real-world asset tokenization platform Securitize and manages a consulting firm linked to FTX.
Should his nomination pass through the banking committee, it remains uncertain whether the full Senate will confirm Atkins for a term that would extend until 2031. He is expected to succeed Commissioner Uyeda as SEC chair.
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