Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Hester ‘Crypto Mom’ Peirce To Be Reappointed as SEC Commissioner Until 2025
The United States government sent ten nominations and one withdrawal to the senate on June 2. One of the nominees is Hester Peirce who is affectionately called ‘Crypto Mom.’ According to the website of the White House, it seems she will serve on the U.S. Securities and Exchange Commission until 2025.
“Hester Maria Peirce, of Ohio, to be a Member of the Securities and Exchange Commission for a term expiring June 5, 2025. (Reappointment)”
Pierce is among the individuals with great enthusiasm for cryptocurrency at the SEC and this is why she has been affectionately called ‘Crypto Mom.’ She came up with an idea widely accepted in the cryptocurrency space.
She has served as one of five commissioners for the SEC since 2018 and her first term was scheduled to end June 4. However, if the Senate approves her nomination, she would occupy the office until June 5, 2025.
One of Pierce’s notable efforts is the safe harbor for token projects. She is renowned in the cryptocurrency space for proposing a safe harbor from SEC registration for decentralized token projects in February.
At first, she floated the idea in August last year and formally presented a safe harbor vision for projects that raise funds towards building decentralized networks this year. That is, network developers will have a three-year grace period to build a decentralized network and attract participants prior to their subjection to SEC regulations.
The cryptocurrency space participants widely welcomed her proposal as a potential action that would apparently offer regulatory flexibility capable of providing a healthy development ecosystem for innovation.
She has been an advocate for digital currencies at the commission, even when the SEC rejected Wilshire Phoenix’s Bitcoin Exchange Traded Fund (ETF) application in February. Her point of disagreement was that other members were denying American investors access to Bitcoin.