Hester Peirce
@HesterPeirce
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
946 Following 128.3K Followers
The innovation exemption is an actual thing:
The transfer agent rule proposal, more than a decade in the making, is finally out. We welcome comment on all aspects, including implications for tokenization: and
Show more
Some thoughts on vaults and onchain lending:
We finally proposed an e-delivery rule!
Trading suspensions are consequential events for the companies involved, and the process for reviewing them matters. I explain why in the concurrence at the end of this Commission opinion:
Show more
If people want to understand what synthetics mean to me in this context, see the staff statement on tokenization, which distinguishes tokenized versions of issuer-sponsored stocks and of stocks that SEC-registered firms hold for their customers from synthetic instruments that provide exposure to stocks.
Show more
I appreciate the interest in--but not the hyperbole about--the contemplated innovation exemption for the onchain trading of tokenized NMS stock. Keep in mind: I've always expected that it'd be limited in scope & would facilitate trading only of digital representations of the same underlying equity security that an investor could purchase in the secondary market today, not synthetics.
Show more
I appreciate the interest in--but not the hyperbole about--the contemplated innovation exemption for the onchain trading of tokenized NMS stock. Keep in mind: I've always expected that it'd be limited in scope & would facilitate trading only of digital representations of the same underlying equity security that an investor could purchase in the secondary market today, not synthetics.
Show more
TODAY 🚨: The SEC proposes transformative reforms to help public companies conduct registered offerings & simplify reporting requirements.
These reforms are designed to increase efficiency, flexibility, & cost savings for public companies.
Full release:
Show more
My comments at today's Financial Markets Regulation Conference:
As markets move onchain, it's time to work on definitions of key terms like broker, dealer, exchange, and clearing agency. Today's speech by Chairman Atkins:
Today the SEC proposed a rule to make quarterly reporting optional. Let us know what you think: and
I'll be at the SIFMA Operations conference in Florida on May 12. If anyone wants to meet with me, email CommissionerPeirce@sec.gov with Florida in the subject line and a brief description of what you'd like to discuss.
Show more
New SEC staff statement on interfaces:
And why we need rulemaking (so sharpen your pencils to weigh in):
I plan to be in southwest Florida on May 12. If you'd like to meet, please email CommissionerPeirce@sec.gov with Florida in the subject line and a brief description of what you'd like to discuss.
I will be in Boston April 17. If you'd like to meet with me, please email CommissionerPeirce@sec.gov with Boston in the subject line and a brief description of what you'd like to discuss.
My 2 recent speeches. One on Materiality and Mona Lisa and the other on Investment Companies and Cartoons: and
I will be in Philly on March 30. If anyone would like to meet with me, please email CommissionerPeirce@sec.gov with Philadelphia in the subject line and a brief description of what you'd like to discuss.
Show more
After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the SEC treats crypto assets under federal securities laws.
This is what regulatory agencies are supposed to do: draw clear lines in clear terms.
Show more
