American President Donald Trump, has nominated one of the five sitting U.S. Security and Exchange Commission commissioners Hester Peirce also known as “crypto mom” to remain the Commissioner of the regulatory body for a second term. This is according to a release from the White House.
Trump, however, can only nominate as the power to confirm the appointment is in the hands of the U.S. Senate. The Senate confirms the appointment of principal federal officials. Crypto mom became the Commissioner of the regulatory body for the first term in 2018 with that tenure to come to an end on Friday, June 5. If cleared by the Senate, her second term would come to an end in 2025.
Peirce became a known crypto advocate and nicknamed ‘crypto mom’ when she openly objected SEC’s disapproval to list a Bitcoin exchange-traded fund. Being a believer in cryptocurrency, Peirce recently proposed a safe harbor for startups that deal with cryptocurrencies or want to issue a token. This back up is to enable these firms to raise funds and operate at the beginning without fears of violating the regulator’s laws. Peirce needed to move the proposal because the regulators already flagged many initial coin offerings (ICO) for selling crypto assets as illegal securities.
Peirce also asked the general public to provide feedback on the proposal after it must have been published.
When asked to talk as regards her nomination, she declined and said nothing; however, in previous interviews, she said that she felt she still had more to do at the agency. In February, Peirce said:
“I certainly don’t feel done with what I want to do at the SEC. I really don’t feel done. There’s lots of work still to be done”.
Crypto Mom Objection to Proposed Bitcoin Exchange-Traded Fund Disapproval
Hester Peirce became a popular crypto advocate, as said earlier, after her public objection of SEC’s disapproval to the Bitcoin exchange-traded fund application filed by Tyler and Cameron Winklevoss. The struggle even earned her the nickname ‘crypto mom.’
In 2018, Peirce broke out with her fellow commissioner after the rejection of Bitcoin exchange approval. She went on to publish a statement that disapproved of something that would allow American investors to access BTC through listed options traded on the national securities exchange.
Peirce was particularly angry that the regulators created a higher standard for crypto-related proposals. She also believes that the regulator’s mindset hinders innovation and institutionalization.