U.S. SEC's steadiest crypto advocate, Hester Peirce, to depart next week
In this news:
Key takeaways
- Hester Peirce is departing from the SEC next week.
- Her departure leaves the commission with a two-member quorum.
- The SEC recently issued a new FAQ to help define crypto assets.
Her departure will leave the commission with just two members — Atkins and Republican appointee Mark Uyeda. The agency's rules allow for two members to act as a quorum in times the commission is shorthanded. To date, Trump's White House has declined to name Democratic nominees to the SEC or its sister agency, the Commodity Futures Trading Commission. It's unclear whether Trump will now seek to fill vacancies.
New crypto FAQ
On Friday, the agency added to Peirce's legacy with additional efforts to define crypto assets and how a crypto project's managerial expectations fit into those classifications. It issued a frequently-asked-questions document to provide answers on several points.
Among them, the agency staff said that the industry has asked how to avoid triggering consideration as “essential managerial efforts” when marketing tokens, adjusting a project's software or taking other actions.
The series of highly technical questions also addressed “staking receipt tokens” and when a secondary market might be considered a “promoter” of an investment contract.
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