SEC’s Hester Pierce jokes about ‘Crypto Mom’ NFT scheme

U.S. Securities and Exchange Commission (SEC) Commissioner Hester Pierce, known to many in the industry as the “crypto mama,” delivered a speech on the subject of non-volatile token (NFT) models and reviewed the agency's approach to digital assets.

Speaking at a Coin Center event on Thursday, Pierce appeared to joke in response to speculation about her “days spent at the SEC.” [were] Her term officially ended in June. However, the SEC allows commissioners to serve for an additional 18 months until the US Senate confirms a successor.

“A lot of people have asked me what's next,” Pierce said. “I could have left government and done a 180 on crypto, but the career path was too well-trodden for me. My plan was to switch to beekeeping a long time ago – honey is sweet and nutritious, and bees sting less happily than many of my Twitter commenters.”

He explained later that she was joking.

“For post-SEC life, therefore, I must turn to Plan C, or more precisely, the NFT Plan […] My collection of NFTs will be a collection of characters that I have encountered in the crypto world, especially at the current, often uncomfortable intersection with politics.”

As one of four commissioners and three Republicans currently serving on the SEC leadership, Pearce has often introduced policy proposals that support the crypto and blockchain industry. Following the departure of former chairman Gary Gensler in January, she announced the launch of a crypto task force aimed at developing a framework for digital assets.

RELATED: Who's Running to Be the Next CFTC Chair?

The SEC's “Crypto Mom” ​​appeared to joke around with the event's attendees, describing her lookalike NFTs, crypto CEOs, influencers from traditional finance, regulators and digital assets, before moving on to a serious note on the future of the agency.

“During my time at the SEC, I regret not being able to convince my colleagues in government,” Pearce said. “I hope you will use what you and others have inspired in this time—a time when regulatory clarity has replaced ambiguity as the purpose of government—to build good things that promote the safety, happiness, and prosperity of your family, friends, neighbors, and country.

Changing tone on crypto at the SEC since January

Peirce's comment was unprecedented. Since Gensler's departure, criticized by many in the crypto industry for pushing a “regulation over enforcement” agenda, the SEC has dramatically changed its approach to digital assets.

From the courts, ending years of enforcement suits against crypto companies, and changing policies that some experts say will trigger a wave of exchange funding, the SEC's current path appears to favor the industry by softening regulatory guidelines.

The market structure bill currently moving through the US Senate is expected to provide more transparency on digital assets by setting clear roles for the agency for financial regulators.

Magazine: SEC's U-turn on crypto leaves key questions unanswered