BREAKDOWN: SEC Commissioner Hester Peirce on a Bitcoin ETF, Custody Rules and What's Next for the SEC
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 December 2020
⏱️ 21 minutes
🧾️ Download transcript
Summary
The SEC commissioner explains why the SEC’s approach has been “too slow and too ambiguous” and why she’s optimistic for 2021.
This episode is sponsored by Crypto.com, Nexo.io and this week’s special product launch LVL.co.
Hester Peirce is a commissioner at the Securities Exchange Commission, sworn in for her second term in August.
Sometimes referred to as “Crypto Mom,” Peirce has been a fierce advocate for the industry in a regulatory context that hasn’t always been on her side.
In this conversation, she and NLW discuss:
- Why the SEC’s approach on crypto has been too slow and too ambiguous
- Why it matters that FinHub is becoming a standalone office
- The prospect for a regulatory “safe harbor” for crypto
- What the SEC thinks of the OCC’s crypto custody guidance
- The prospect for a bitcoin exchange-traded fund
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Transcript
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| 0:00.0 | I've been saying for a long time that I think the standard that we set out to approve a Bitcoin exchange traded product is one that is not consistent with what we've done in the past, is not consistent with our statutory guidelines for what we're supposed to do. |
| 0:14.7 | You've got to look at these on their facts and circumstances, but I don't understand why we don't already have one. |
| 0:19.7 | And I think this is something else that you've discussed in the past, which is because there's |
| 0:24.6 | this void and that product is not available, people are looking for other ways to get into |
| 0:29.7 | this asset class through our regulated markets. |
| 0:32.8 | And why not just acknowledge that and allow that to happen in the ways that people are more used to accessing assets? |
| 0:41.2 | Welcome back to The Breakdown with me, NLW. |
| 0:45.3 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:51.1 | The breakdown is sponsored by Crypto.com, Nexo.io, and leveled, and produced and distributed by |
| 0:56.7 | CoinDesk. What's going on, guys? It is Thursday, December 10th, and today I have a very special |
| 1:04.8 | guest for you all. Hester Purse probably needs no introduction, but for those of you who are not |
| 1:10.7 | familiar with the woman |
| 1:12.2 | colloquially known as Crypto Mom, Perce is an SEC commissioner who has been a vocal advocate |
| 1:20.0 | for the crypto industry often when her opinions were not even close to the mainstream |
| 1:25.5 | among regulators. She has currently just been sworn in for her second term as an SEC commissioner, |
| 1:32.7 | and as you will hear in this conversation, |
| 1:35.2 | remains not only an advocate for crypto and emerging technology, |
| 1:39.1 | but an advocate for a regulatory approach that recognizes that technology will inevitably change, and we can't |
| 1:47.0 | anchor our thinking about regulation to any one form of technology or another. In this conversation, |
| 1:53.3 | we talk about what was and wasn't accomplished under Jay Clayton's chairmanship, why the SEC has |
| 1:58.3 | been, in her words, too slow and too ambiguous around crypto, why it matters |
| 2:02.8 | that FinHub is becoming a standalone office, and many other issues, including, of course, a Bitcoin |
... |
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