SEC Commissioner since 1/2018. My tweets may not reflect the views of the SEC or any other SEC Commissioner. No direct messages, but CommissionerPeirce
@sec
.gov
As regulators seek to protect investors from fraud and get them good disclosures, we ought also to respect investors' right to make decisions for themselves, experiment, and use the latest technology to trade and invest:
"Respect for individual liberty is a core American value: People have the presumptive right to make choices that affect themselves and their families, and government should be wary of overriding those choices."
In addition to ironing this t-shirt (which republishes code from a comment letter), will I need to register as an exchange before wearing it? "It depends," per the SEC's latest release:
The SEC's Investor Advisory Committee will be discussing crypto tomorrow. It's a good opportunity for the Commission to rethink its approach to crypto regulation: You can submit comments here:
Getting lots of questions re stablecoins & SEC: Facts & circumstances of course, but SEC should defer to Congress, which is actively considering the issue. In the meantime, we & other regulators could hold public roundtables. Enforcement actions aren't the way to write the rules.
Congratulations to our incoming Chairman Gary Gensler. I'm looking forward to working with you. Thanks to Acting Chair Herren Lee for your leadership over the past several months.
I'm happy my colleague Commissioner Crenshaw thought about the safe harbor, but I'd be happier if she thought about it differently--as a way to achieve valid investor protection goals without inhibiting the development of user-controlled networks:
Commissioner Roisman's work has benefited investors, the capital markets, the SEC, and our nation. I cannot overstate the privilege of serving alongside someone so humble, hard-working, patriotic, and principled.
It's great to see creative thinking on what a crypto safe harbor might look like. This version incorporates some elements of mine, but is more targeted. Open and concrete discussion can help us develop good crypto regulatory policy in the US.
Incumbents that try to block new technology and new entrants run the risk of closing themselves off from the most interesting and dynamic parts of the world:
@nlw
Nice to see
@GaryGensler
addressing crypto issues, but the existing securities laws don't work well for certain aspects of crypto & people's freedom to interact using new technology has produced the innovation at the core of our prosperity. Looking forward to working together.
Americans shouldn't have to ask the SEC for permission to invest, but today's accredited investor rule at least offers people a path to ask permission based on their education, rather than simply telling them "no, unless you're rich":
SEC Commissioner Mark Uyeda is right that "regulation through enforcement does not yield the outcomes achievable through a process that involves public comment." Scattershot enforcement actions aren't the best way to protect investors.
Our Investor Advisory Committee, which advises the SEC, has some openings. Someone with extensive experience investing in crypto would provide a valuable perspective on the Committee. Here's how to put your name in for consideration:
I plan to be in San Juan, Puerto Rico on December 6-7. If you would like to meet with me regarding securities regulatory issues, please email CommissionerPeirce
@sec
.gov
SEC's Division of Investment Management has a lot of questions related to crypto funds. I'm happy that there's finally an online forum for people to respond:
Prescriptive cybersecurity disclosure rulemaking by the SEC is a backdoor way to regulate the substance of companies' cybersecurity programs. We should stick to our limited role as a regulator of public company disclosures:
Per
@CFTCstump
CFTC should "fine-tun[e] its rulebook (often a hard & tedious task), because responding to technological developments & ongoing market dynamics primarily through enforcement is neither good for the marketplace nor sustainable for the agency." Applies equally to SEC
We've talked a lot over the last 3 years. I hope under Chair Gensler we'll finally get comfortable with American investors having access to crypto-based securities products. Here's a new IM statement on funds with bitcoin exposure:
My latest thoughts on cypto: TLDR: We need to approach crypto regulation carefully in 2023, but people in crypto shouldn't wait for regulators to solve problems that manifested during 2022.
I look forward to working with you
@SECJackson
to open the doors to innovation, but we're not a merit regulator issuing seals of approval, so let's encourage investors to do their own work to decide whether an investment is right for them:
It takes a majority vote of the SEC's Commissioners to authorize enforcement actions and new rules. Votes that precede the final resolution of a matter generally will be made public only after the matter is final.
In English: the Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff's action, as will now happen here.
Nice reminder by Commissioner Roisman that writing good capital formation rules isn't always glamorous work, but it's essential for investors, communities & the economy:
I will be in West Palm Beach, FL on May 16, 2022. If you want to meet with me about any securities regulatory issues, please email CommissionerPeirce
@sec
.gov. (As usual, no discussions re ongoing enforcement actions.)
Sad to see FDIC Chairman McWilliams announce her resignation: She had a clear understanding of the need to regulate with an appreciation for the role innovation can play in improving our lives. She tells us why here:
@rileyjt3
That's part of the problem--when we announce these cases, we won't say which digital assets were securities. See Commissioner Roisman's and my comments here:
Now that we've had 100 years of women being able to vote as they choose, maybe it's time to give women and men full freedom to invest as they choose. Happy
#WomensEqualityDay2020
@CoinDesk
@realDannyNelson
Although I did not write a dissent (yet?), I voted against the action. It's another example of the SEC's imprecise legal reasoning in crypto cases, which only adds to the uncertainty for crypto projects in the US.
I'll be in Chicago next Friday afternoon (5/13). I have some time if anyone wants to meet to discuss SEC issues (not ongoing enforcement actions). Email CommissionerPeirce
@sec
.gov
I will be at the University of Central Florida on April 1, 2022 for UCF's FinTech Summit. Happy to meet to talk about securities regulatory issues. As usual, no discussions re ongoing enforcement actions. Email CommissionerPeirce
@sec
.gov with UCF in the subject line.
To all of you who think I am a terrible SEC Commissioner--and there are lots & bots of you--this speech shows that I'd be even worse at being Commissioner of the other SEC: It’s Not Just Scope 3
I spoke with great students at Univ of Chicago, Harvard, and Yale over the past several weeks, but the most intellectually engaged audience with the best questions was a group of sixth-graders at
@StatesmenPrep
I plan to be in San Francisco Feb. 14-16. Happy to meet to discuss securities issues. (Sorry, can't talk about particular enforcement cases). Email CommissionerPeirce
@sec
.gov with San Fran in the subject.
I will be in San Francisco in early March. If anyone wants to meet with me to talk about barriers to raising capital, the crypto safe harbor, or anything else related to SEC regulatory issues, please contact me at CommissionerPeirce
@sec
.gov.
Congratulations to Val Szczepanik on the new status given to the FinHub. I look forward to working with her to make the SEC a better regulator when it comes to crypto, fintech, and innovation more generally:
Thanks to CryptoDad, aka
@giancarloCFTC
, for making facilitation of innovation a priority during your tenure. I guess your departure makes me a single Mom, but I'm looking forward to working with new CFTC Chairman Tarbert.
CryptoDad gave a great speech: "While markets are not always perfect, they have proven time and again to be the most effective means humans have to drive economic productivity and prosperity."
It has come to my attention that there are some fake Instagram accounts in my name. I don't have an Instagram account. More generally, anyone asking for money in my name is someone you should run away from while holding on tightly to your wallet.
I plan to be in Denver on 2/29 and 3/1. If you want to meet with me, please email CommissionerPeirce
@sec
.gov with Denver in the subject line and a brief description of what you'd like to talk about.