Commissioner at the US Securities and Exchange Commission, Hester Pierce has called on her colleagues to embrace cryptocurrencies, AMBCrypto reports.
Regulators need to hop out of their helicopters and onto the free range: https://t.co/LeKHY1jjmn— Hester Peirce (@HesterPeirce) September 17, 2018
Speaking at the Cato Institute’s FinTech Unbound Conference in San Fransisco, the speech, titled “Motherhood and Humble Pie” broadly discusses the SEC’s regulatory duties and how the commission deals with new technologies. Unsurprisingly, cryptocurrencies were a key focus of her speech.
Hester Pierce recently earned the nickname ‘CryptoMom’ after she advocated for the Bitcoin ETF, and spoke out publically after the rejection. In that statement, Peirce explained that she strongly disagreed with the decision and said that the proposed rule change met the requirements of the Exchange Act, which was the basis of the rejection.
“I always have wanted to be a mother, so acquiring this new title was quite an honor. Admittedly, this is not the form of motherhood I envisioned, but one of the wonderful aspects of motherhood is that children are quite different than their mothers anticipated they would be.”
Peirce explains that she’d prefer being a free-range mom, rather than a helicopter parent hovering over their children. In her opinion, a free-range mother motivates her child to explore with “limited supervision,” which involves some element of risk. Some accomplishments can only be achieved if the risk associated with it is embraced.
Peirce went on to explain that this is often the problem with regulatory bodies. They tend to take the stance of helicopter parent in an effort to minimize risk but inadvertently stifles growth.
The speech clearly outlines Peirce's belief that her colleagues can do a better job of encouraging innovation while protecting investors, and had no qualms about stating which side she’s on. The full speech can be read here.