163 - What SEC Commissioner Hester Peirce Thinks About the SEC
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 20 March 2023
⏱️ 55 minutes
🧾️ Download transcript
Summary
Hester Peirce is one of five SEC Commissioners. She's been a Commissioner since 2018, with her term ending in 2025. Peirce, a previous podcast guest of Bankless, consistently makes first principles statements and is known to often dissent for her colleagues on crypto-related actions…we talk about that in today’s episode. These are a couple of many reasons why we enjoy her and her guidance so much.
------
✨ DEBRIEF | Unpacking the episode:
https://shows.banklesshq.com/p/debrief-hester-peirce
------
✨ COLLECTIBLES | Collect this episode:
https://collectibles.bankless.com/mint
------
We’re three months into 2023 in one of the worst regulatory environments we’ve seen for crypto in the United States. In today’s episode, SEC Commissioner, Hester Peirce shares some insight on what crypto could be like if we had a first principles SEC, what a security is and how we can define it, and how can crypto take its share of the responsibility to move this industry forward.
Commissioner Peirce was on the show two years ago…Apr 12, 2021. Today’s second appearance is one you do not want to miss.
------
🚀 JOIN BANKLESS PREMIUM:
https://www.bankless.com/join
------
BANKLESS SPONSOR TOOLS:
⚖️ ARBITRUM | SCALING ETHEREUM
https://bankless.cc/Arbitrum
🐙KRAKEN | MOST-TRUSTED CRYPTO EXCHANGE
https://bankless.cc/kraken
🦄UNISWAP | ON-CHAIN MARKETPLACE
https://bankless.cc/uniswap
👻 PHANTOM | #1 SOLANA WALLET
https://bankless.cc/phantom-waitlist
🦊METAMASK LEARN | HELPFUL WEB3 RESOURCE
https://bankless.cc/MetaMask
------
Topics Covered
0:00 Intro
8:25 Thoughts on Bank Crisis
9:30 Why We Need the SEC
11:40 Information Asymmetries
13:20 Healthy Crypto/SEC Relationship
17:15 SEC Security Definition
20:52 Security Catch-22
25:40 Expanding Jurisdiction
28:35 SEC Advocation
35:03 Dissent SEC Sway
39:36 Kraken Staking
43:36 Guidance vs. Enforcement
46:15 Stablecoin Status
47:43 What Crypto Could Be Doing Better?
51:12 Decentralization
53:49 Self-Regulation
55:24 Duke Speech
57:59 Closing
------
Resources:
Hester Peirce
https://twitter.com/HesterPeirce
-----
Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here:
https://www.bankless.com/disclosures
Transcript
Click on a timestamp to play from that location
| 0:00.0 | And the other thing that I don't think Washington is very good at is sort of thinking about like |
| 0:06.1 | Okay, no one cares whether the securities laws apply or no one outside of Washington cares what they care about is |
| 0:12.6 | Are we making the world a better place by applying regulation or are we just making things complicated and not serving anyone's interests? |
| 0:23.2 | Welcome to Bankless where we explore the frontier of internet money and internet finance |
| 0:27.4 | This is how to get started how to keep better had a front run the opportunity. This is Ryan Sean Adams |
| 0:32.4 | I'm here with David Hoffman and we're here to help you become more bankless |
| 0:37.3 | Today we have Hester purse SEC Commissioner on the episode as we're three months into 2023 |
| 0:43.6 | Which seems to be the worst regulatory environment we've ever seen in the United States and she comes on to drop some insight |
| 0:50.9 | Hester of course is often known to descent from her colleagues other SEC commissioners on crypto related |
| 0:57.0 | Actions and we talk about that today a few things to look out for number one |
| 1:00.9 | We talk about what crypto could be if we had a first principles |
| 1:05.1 | SEC number two, we talk about the definition of a security. What is a security can we define it yet? |
| 1:11.5 | Number three, we hear Hester flat-out say that the SEC is trying to increase its jurisdictional reach |
| 1:18.9 | Surprising number four. How do we move forward with the SEC that is a question on all of our minds and number five |
| 1:25.4 | How can crypto take its share of the responsibility to move things forward with our regulators David so much covered in this episode? |
| 1:32.5 | What should folks pay attention to I think Hester really offers us an archetype of a good |
| 1:39.1 | Regulator to actually latch on to the SEC is on a monolith. There's five different commissioners there |
| 1:44.4 | And so while everyone kind of considers the SEC to be Gary Gensler |
| 1:48.7 | There are other commissioners in there who disagree with the overall direction of the SEC and Hester purse is |
| 1:54.3 | One of them and so Hester purse offers us a perspective of what the SEC could be if it had aligned and first principles |
| 2:02.3 | Regulators and so that's one of the first perspectives that I think |
| 2:05.5 | Bankless listeners will be able to walk away with I think the other big one is that |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from Bankless, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of Bankless and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2026.