The SEC's Hester Peirce on Regulating Cryptocurrencies

Mr Obnoxious - Un pódcast de Peter McCormack

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Interview location: Washington
Interview date: Tuesday 20th Nov, 2018
Organisation: U.S. Securities and Exchange Commission
Role: Commissioner

As the market for cryptocurrencies has grown, so has the oversight from the various regulators who manage the different aspects of the financial markets. Specifically, the SEC has been monitoring, responding to and enforcing the rules by which they regulate the financial markets.

While the SEC initially took a hands-off approach to cryptocurrencies, they have been increasingly providing guidance as to how they view the different parts of the crypto space. From enforcement action against ICOs which are deemed unregistered securities to ruling on proposed rule changes to allow the trade of Bitcoin ETPs, it is becoming clearer that just because a project is a cryptocurrency, it can’t sidestep the rules which have been in place for decades.

The Commission has yet to approve any ETP, so far, rejecting every application. Commissioner Peirce, a vocal proponent of supporting innovation, dissented after the SEC disapproved the proposed rule change to list and trade shares of the Winklevoss Bitcoin Trust on Bats BZX Exchange, Inc.

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Timestamps:
00.05.44 - Welcome and intro
00.06.27 - What it means to dissent
00.07.27 - Why Hester dissented
00.08.32 - Who The SEC is and what they do
00.11.10 - How decisions are made at The SEC
00.12.44 - Hester’s journey to The SEC
00.14.32 - How Hester discovered cryptocurrencies and her position
00.16.22 - Understanding that The SEC has work outside of cryptocurrencies
00.19.06 - Breaking down the commissions rejection of the Winklevoss/BZX proposal
00.27.30 - How The SEC has approached Cryptocurrencies
00.31.22 - Status of pending applications
00.34.00 - How Commissioners work together
00.38.50 - The phases of regulating cryptocurrencies
00.40.38 - The powers that The SEC has
00.42.50 - Clarity from The SEC
00.46.24 - Hester’s view of the space
00.52.25 - How the community can help The SEC
00.53.25 - How to communicate with Hester Peirce

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Helpful Links:

Connect with Hester:
- On Twitter @HesterPeirce
- On Wikipedia
- On The SEC Website
- Hester’s dissent statement

Articles relevant to Hester:
- Coindesk - The SEC’s Hester Peirce Isn’t a Bitcoin Champion, Just a Regulatory Realist
- Crowdfund Insider - As SEC Denies Winkelvoss Bitcoin ETF, Commissioner Hester Peirce Publishes Dissent on Commission’s Decision
- CCN - Commissioner: SEC Shouldn’t Hold Back in Approving Crypto Products
- Crypto Daily - Hester Peirce Tells The SEC To Back Off From Bitcoin

Mentioned in the interview:
- The SEC
- SEC Names Valerie A. Szczepanik Senior Advisor for Digital Assets and Innovation
- The Sunshine Act

SEC Enforcements
- SEC Charges EtherDelta Founder With Operating an Unregistered Exchange
- Two ICO Issuers Settle SEC Registration Charges, Agree to Register Tokens as Securities

Other relevant WBD podcasts:
- WBD049: Coin Center's Peter Van Valkenburg on Preserving the Freedom to Innovate with Public Blockchains
- WBD036: The Threat of Fractional Reserve Bitcoin from Wall Street with Saifedean Ammous & Caitlin Long
- WBD035: The SEC, ETFs, XRP and Crypto Regulations with Jake Chervinsky
- WBD023: Bitcoin Institutional Investment with Michael Sonnenshein from Grayscale
- WBD021: Token Economics and Raising Crypto Capital with Jill Carlson
- WBD020: Tokenised Securities with Trevor Koverko from Polymath
- WBD015: Building a Decentralised Exchange with Don Mosites from Airdrop
- WBD011: The Role of The State with Desiree Dickerson

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