Cryptocurrency and the SEC's Cracking Staking Initiative

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Hester: I think that the other SEC commissioners will see a set of shared values that we have in crypto that are also expressed through regulators like the SEC. He says he was frustrated by the fact that our answer is just to say, all right, great, we've kicked this service out of the United States. Hester: Some people understanding the risks and the potential rewards might decide they want access to crypto as staking to staking as a service offerings.

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.

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------ 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.

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------ 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