Macro Musings with David Beckworth Hester Peirce on the role of the SEC, Financial Surveillance, and Crypto
Sep 1, 2025
Hester Peirce, a commissioner at the SEC and member of its crypto task force, discusses her unique career path and the evolving landscape of financial regulation. She delves into the complexities of financial privacy in a tech-driven world and critiques current financial surveillance practices. Hester explores the challenges regulators face with cryptocurrencies, the need for clear legislative frameworks, and the importance of dissent in fostering effective regulatory practices. Her insights pave the way for a balanced approach to innovation and investor protection.
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Peanut Butter On Watermelon
- Hester Peirce recounts her grandfather putting peanut butter on watermelon and being identified by a telephone operator.
- She uses the story to illustrate how mediated communications once exposed private behaviors and how technology changed that dynamic.
Reclaiming Financial Privacy With Tech
- Peirce argues current law treats data given to companies as less private than in-home information.
- She says new tech can reclaim privacy by disintermediating centralized parties and enabling peer-to-peer transactions.
Require Suspicion Before Data Access
- Reassess financial-surveillance laws to restore privacy and align with constitutional principles.
- Balance law enforcement needs by requiring credible suspicion before accessing private financial data.