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Hester Peirce is calling on the Trump-era SEC to end crypto custody blockades, define security boundaries, and collaborate openly with the industry. Her push intensifies in the wake of Operation Chokepoint 2.0 allegations, raising key questions about fairness and transparency in digital asset governance.
Peirce Calls for SEC Shift on Crypto Under Trump's Leadership
Hester Peirce stated emphatically in an interview with Fox Business that the SEC's stance on cryptocurrency regulation will need to change under Trump's administration.
Stopping what she called the "regulatory suppression" of the cryptocurrency business was a major topic of her speech. The SEC, she said, should stop blocking crypto from using services like custody, which are critical to the industry's development.
Peirce emphasized the importance of these services for the smooth operation and further growth of crypto enterprises. Her broader goal of enabling the crypto market is in line with her demand for the elimination of restrictions on custody and other services.
Operation Chokepoint 2.0 Faces Heightened Scrutiny
In addition, the soon-to-be Crypto Czar, David Sacks, recently addressed the mounting worries around Operation Chokepoint 2.0. After ex-Silvergate Bank CTO Chris Lane recounted how regulators, not FTX's demise, were to blame for the bank's demise, he said.
According to Lane, Silvergate was forced to close its doors after regulatory moves made it extremely difficult for the bank to accept deposits from customers who dealt in digital assets. So, according to Sacks, these claims necessitate additional research, which might lead to an investigation into Operation Chokepoint 2.0.
The necessity for more explicit instructions as to what is within the purview of the SEC was another major point brought up by Hester Peirce. She stressed the need to define precisely what the SEC should be regulating in terms of both actions and assets. According to Peirce, there must be distinct boundaries between what is and is not a security.
Clarity in Crypto Rules Crucial for Industry Growth
According to Peirce, crypto companies will have a better grasp of their responsibilities if there are explicit definitions. With this understanding, they will be better equipped to comply with crypto legislation and avoid legal pitfalls.
Furthermore, Hester Peirce emphasized the importance of the SEC and crypto sector players working together. To determine the applicability of current regulations and identify areas for revision, she suggested that the SEC collaborate closely with the industry, Coingape reports.
All parties concerned should be able to participate in this collaboration, according to Peirce.
FDIC Letters Expose Crypto Banking Restrictions
At the same time that Coinbase revealed FDIC "pause letters" obtained via a FOIA request, these remarks were made. The letters demonstrate the agency's involvement in the 2022 prohibition on crypto companies receiving banking services.
The papers show that the FDIC told banks to hold off on crypto-related operations while they investigated further. These letters demonstrate the presence of coordinated measures to limit crypto banking access, according to Paul Grewal, Coinbase's chief legal officer.
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