“Crypto Mom” Hester Peirce Nominated For Second SEC Term
- U.S. SEC commissioner Hester Peirce has been nominated for another five-year term.
- Peirce became known as Crypto Mom in 2018, when she publicly dissented to the SEC’s decision to reject Cameron and Tyler Winklevoss ETF application.
Hester Peirce, popular among the crypto community as “Crypto Mom”. Wall Street Journal
U.S. SEC commissioner Hester Peirce, also known as “Crypto Mom”, has been nominated for a second term at the regulatory agency, White House documents published on 2 June show.
According to the announcement on the White House website, ten nominations and one withdrawal for unfilled positions or those up for renewal have been sent to the Senate for approval, and Peirce is one of them. Known for being one of the most prominent crypto advocates among at the SEC, she took office in January 2018 after she was nominated to finish the last two years of a five year term.
Without the new nomination, her term was scheduled to end on 4 June, though If approved by the Senate, Peirce will serve as one of five commissioners in the U.S. SEC until 5 June, 2025. The crypto community started to affectionately call Peirce “Crypto Mom” after she publicly dissented to the SEC’s decision to reject Cameron and Tyler Winklevoss’ Bitcoin Exchange-Traded Fund (ETF) application in 2018.
At the time, she said:
“The commission has once again disapproved of a proposed rule change that would give American investors access to Bitcoin through a product listed and traded on a national securities exchange subject to the commission’s regulatory framework.”
In recent months she also became well known in the crypto community for proposing a safe harbor for crypto startups looking to issue tokens. Her proposal would allow developers to have a three year grace period, in which they could build a decentralized network and attract participants before being subject to SEC regulations.
- The U.S. SEC, CFTC, and FTC have all filed separate lawsuits against bankrupt crypto lender Celsius and its former CEO Alex Mashinsky, charging them with multiple counts of fraud.
- Mashinsky was also arrested in New York on Thursday, and later charged by the Department of Justice with securities fraud, commodities fraud, and wire fraud.
Former Celsius CEO Alex Mashinsky on Centre Stage during day three of Web Summit, Lisbon, Portugal, 4 November 2021.Piaras Ó Mídheach/Web Summit via Sportsfile/Flickr
- The U.S. regulator has alleged that the platforms offered unregistered securities to the general pubic in the form of the BNB token and BUSD stablecoin.
- Binance was also accused of failing to register as an exchange, and that it had comingled funds between its global and U.S. platforms.
- Bankruptcy Judge Michael Wiles gave Voyager the permission to close its $1 billion deal with Binance.US, and issue repayment tokens to affected customers.
- Judge Wiles also rejected the SEC’s arguments that the deal could potentially violate U.S. securities laws, and criticized the regulator for attacking the sale without first concluding if it was illegal.