Latest news with #Peirce
CNBC
3 days ago
- Business
- CNBC
$TRUMP and other meme coins won't be protected by SEC, Commissioner Hester Peirce says
LAS VEGAS — Now that the SEC is out of the business of regulating meme coins, investors shouldn't expect any guidance on $TRUMP, according to Hester Peirce, one of the agency's veteran commissioners. The SEC said in February that it does not deem most meme coins securities under U.S. federal law. That took the crypto tokens out of its purview just weeks after President Donald Trump launched his own meme coin and saw it immediately soar in value, lifting his paper net worth by billions of dollars. Peirce told CNBC that it's a similar situation to when nonfungible tokens (NFTs) gained popularity in 2021. They weren't securities but they did rise and fall in value based on investor activity in the market. Peirce said the SEC missed an opportunity to announce publicly that the agency wasn't getting involved. "Here was something where I saw a lot of interest in this out in the world — in meme coins — and it made sense for us to say, 'People, if you are expecting that there's SEC protection around these, you should not expect that,'" Peirce said in an interview at Bitcoin 2025 in Las Vegas. "You can package almost anything into a securities transaction. But generally, it's good for people to know, I should not be looking to the SEC for protection in this area." In other words, buy at your own risk. Since President Trump took office in January, the SEC has been rolling back its enforcement in crypto, taking a more industry-friendly approach to the asset class. It's a controversial strategy, as the president and his family deepen their involvement in crypto, profiting in a way that's led many Democratic lawmakers to declare a clear conflict of interest. The $TRUMP token, 80% of which is controlled by the Trump Organization and affiliated entities, has become the centerpiece of Trump's expanding crypto empire. Like most meme coins, the token has no underlying value. But after debuting in January, just ahead of the inauguration, $TRUMP soared to a $15 billion market cap, fueled by President Trump's social media posts declaring, "It's time to celebrate everything we stand for: WINNING!" Within days, the token lost most of its value. Still, the project creators get a fee for every trade. The White House previously told CNBC that Trump's assets are held in a trust managed by his children, and there are "no conflicts of interest." But Sen. Richard Blumenthal, D-Conn., the ranking member of the Senate Subcommittee on Investigations, is among a growing list of Democratic lawmakers warning that the Trump family's crypto holdings may serve as a backdoor for foreign and corporate interests seeking access to the president. Meanwhile, crypto billionaires once targeted by regulators like the SEC are regaining political and financial influence. On Thursday, the SEC dropped its long-running lawsuit against Binance and founder Changpeng Zhao, bringing to an end one of the most aggressive crypto enforcement actions brought by former SEC Chair Gary Gensler. The agency had accused Binance of misleading investors, commingling customer funds, and allowing wealthy U.S. users to evade restrictions. After pleading guilty to federal money-laundering violations in November 2023, Zhao served just four months in prison and emerged with most of his crypto empire intact. Forbes now estimates his net worth at over $67 billion. Leading up to the dismissal, Zhao had deepened ties to Trump-affiliated networks. As Binance prepared to list USD1, a new stablecoin that funnels profits to Trump-aligned entities, Zhao disclosed that he had applied for a presidential pardon from Trump's Justice Department. Weeks later, Binance received a $2 billion capital injection into USD1 from an Emirati state fund. Peirce rejected the idea the SEC's actions are politically motivated. "We didn't have a clear set of rules," Peirce said, regarding the Binance case. "There were a lot of questions about how this particular activity in the crypto space intersected with our existing securities laws. So we're trying to take a step back, use our regulatory tools to write those rules, and then enforce those rules." That same philosophy guided the SEC's January decision to rescind Staff Accounting Bulletin 121, a controversial directive that had effectively blocked traditional financial institutions from offering crypto custody. "It wasn't even a rule," Peirce said. "It didn't go through the normal process. it was just a pronouncement." She said the policy had the effect of excluding banks and other experienced custodians from participating in the crypto space. "It said that lots of traditional entities that would have done custody for crypto, practically speaking, could not participate," she said.
Yahoo
4 days ago
- Business
- Yahoo
Asia Morning Briefing: Cooling BTC Pushing Up Altcoin Volumes
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas. Bitcoin (BTC) is trading above $105K as Asia begins its business day, down 1%. In a note, Paris-based digital assets trading firm Flowdesk wrote that the world's largest digital asset was moving into a tactical posture with price consolidation. "As BTC consolidates near all-time highs, altcoin volumes and liquidity have seen a continued meaningful shift upwards," Flowdesk wrote. Flowdesk notes that Bitcoin's volatility continues to decline despite looming macroeconomic events that typically shake up markets. With BTC consolidating near its all-time high, there's a noticeable rise in call overwriting, Flowdesk observed, as traders seek to monetize potential upside without giving up core bitcoin exposure. "The altcoin rotation continues, ETF inflows are back, and vol positioning reflects a transition to more tactical, yield-generating strategies," Flowdesk concluded. Meanwhile, CoinDesk's Market Insight bot reported that BTC faces downside risks after hitting strong resistance near $108.8K, but ongoing institutional interest may provide support. Unknown block type "articleLink", specify a component for it in the ` option U.S. House Republicans officially introduced the Digital Asset Market Clarity Act, CoinDesk reported Thursday U.S. time, their latest push to regulate crypto markets. This 236-page bill, a successor to the earlier FIT21 Act, gives the Commodity Futures Trading Commission primary oversight of digital commodity markets, establishes clear guidelines for crypto exchanges, and exempts certain decentralized finance (DeFi) services from Securities and Exchange Commission (SEC) oversight. Flowing parallel to this, the Senate remains focused on separate bipartisan stablecoin legislation, which is further along procedurally but faces ongoing debate. With committee hearings scheduled for next week, lawmakers will publicly discuss the new House bill, setting the stage for negotiations that could shape U.S. crypto regulation this session. Hester Peirce, chief of the U.S. Securities and Exchange Commission's crypto task force, urged crypto investors at Bitcoin 2025 to take personal responsibility for their losses rather than seek government bailouts, CoinDesk reported Thursday from BTC Vegas. Peirce emphasized consistency among libertarian-minded crypto traders, arguing that those who demand freedom must also accept accountability for their financial outcomes, particularly when engaging in speculative ventures like memecoins. Peirce highlighted ongoing efforts under Republican leadership to clarify the SEC's jurisdiction, stating that most crypto tokens aren't securities and thus don't require SEC registration unless they are explicitly involved with securities. She remained neutral on companies holding digital assets on their balance sheets, provided proper disclosure. Despite the current strides in policymaking at the SEC, Peirce noted that establishing a federal crypto regulator for retail trading would necessitate clear legislative action from Congress. Blockchain Founders Fund (BFF), a Singapore-based venture capital firm focused on early-stage Web3 and blockchain startups, is set to announce Friday at Web Summit in Vancouver that it has surpassed 200 investments across more than 160 companies. Founded in 2018, the firm is known for supporting projects such as Shardeum, an Ethereum-compatible blockchain platform utilizing dynamic state sharding, and Validation Cloud, an infrastructure company merging traditional enterprises with blockchain and AI technologies. The fund announced in October that it had hit the 150 mark for investments. BTC: Bitcoin is trading at $105,713 as Asia begins its business day, having fluctuated between $105,682 and $108,927 over the last 24 hours, encountering resistance near the upper range and signaling potential bearish momentum. ETH: Ethereum is up 6%, peaking at $2,784 before stabilizing near $2,650, as strong trading volumes and institutional optimism outweigh broader economic uncertainties. Gold: Gold is up 0.4%, trading at $3,311, as the U.S. economy shrunk 0.2% on weaker spending, tariff impacts. Nikei 225: Japan's Nikkei 225 dropped 1.55% as Asia-Pacific markets fell Friday amid U.S. economic slowdown, inflation concerns S&P 500: The S&P 500 closed up 0.4% at 5,912.17 Thursday, boosted by Nvidia but restrained by investor caution amid developments surrounding Trump's "reciprocal" tariffs. SEC Files to Dismiss Long-Running Lawsuit Against Binance (CoinDesk) 'Most-Hated L1': Arthur Hayes Thinks Ethereum Could Double in Price This Year (Decrypt) Tokenized equities will be 'bigger than stablecoins': Backed CEO (Blockworks) Inside the $400 million Coinbase breach: An Indian call center and teenage hackers (Fortune) Russia Says Financial Institutions Can Offer Crypto-Linked Instruments to Qualified Investors (CoinDesk) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
SEC Task Force Chief Says Crypto Traders Need to be Growups, Not Cry to Government
LAS VEGAS, Nevada — You shouldn't be a crypto libertarian that comes crying for government help when things go badly, according to Hester Peirce, the chief of the crypto task force at the U.S. Securities and Exchange Commission. "I do think that sometimes, when something bad happens in this space, people who are remarkably free thinkers, libertarian-minded people, come in and say, 'Where was the government? Why weren't you protecting me? Hey, Crypto Mom, where's my bailout?'" she told a crowd at Bitcoin 2025 in Las Vegas, referring to her industry nickname. "C'mon, let's have some consistency,' Peirce continued. 'Yes, you should have freedom to make your own choices, and when it goes wrong, pick yourself up, dust yourself off, learn from it and do better next time. And that is the best way to move forward." Since Republicans took control of the SEC, including Commissioner Peirce and newly arrived Chairman Paul Atkins, they've worked to issue statements and directives to carve out corners of the crypto sector from the agency's jurisdiction, including memecoins, some crypto mining and certain stablecoins. But there remains a pathway of policymaking the agency has started down while lawmakers in Congress are also working on sweeping new laws that could further set its agenda. The SEC has a lot of current authority to clarify the nature of crypto securities, Peirce said, but if people want a U.S. federal regulator for retail trading, they'll need Congress to produce legislation to make that happen. She put the question to her audience on Thursday, whether they wanted a federal crypto regulator. "NO!" somebody shouted. 'There you go, you have one answer,' she quipped. Peirce said that most crypto tokens aren't themselves securities, and as a result, trading platforms handling them shouldn't need to register with the SEC unless they're also touching the securities world. Asked about memecoins, which an agency statement said are outside its enforcement interests, Peirce offered it as an example of where investors need to look out for themselves. 'Be an adult," she said. "If you want to engage in speculation, go for it. But if something goes wrong, don't come complaining to the government about it.' And as for the trend of companies putting digital assets into their own treasuries, she said public companies are entitled to do what they like — as long as they're properly disclosing it. "They can make their own decisions," she said. "I'm agnostic." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Business
- Yahoo
SEC's Peirce on Crypto ETF Approvals: ‘Just Be Patient'
The crypto industry is eagerly awaiting approvals on dozens of crypto ETFs from the Securities and Exchange Commission, but that eagerness does't necessarily mean a speedy review of filings. 'People have to be patient,' said SEC Commissioner Hester Peirce. 'There's a lot going on' when it comes to reviews of those exchange-traded product filings, she said in an interview with Bloomberg's 'Trillions' podcast. Peirce leads the SEC's crypto task force launched earlier this year and has garnered the nickname 'Crypto Mom' thanks to her support of the digital asset. Bloomberg reports that there are now more than 80 crypto-related ETP filings on the SEC's desk. Those include requests for products that would track the price of altcoins like Solana and XRP, as well as meme coins like those associated with President Donald Trump and First Lady Melania Trump. Peirce explained that the SEC has 'a limited number of people' working on the crypto ETP filings. 'There are a lot of people who want things done [and] there's a real need for patience,' she added. With every filing that comes in, the SEC has many considerations to take into account, such as if the filing meets the technical requirements laid out by the commission, and if there is any ongoing related litigation. There are a lot of factors that "could complicate things.' Peirce added that in the agency's collection of public input, it received a comment from one exchange that suggested the SEC consider generic listing standards on the ETP side. 'That is a request that really resonates with me,' she said. 'There's a lot of work to do, and we have to think about how to do it most efficiently.' In January 2024, 11 spot Bitcoin ETFs, such as iShares Bitcoin Trust ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC), began trading in the U.S. following the SEC's long-awaited green light. But the approval process that led up to that monumental day was 'terribly mismanaged,' Peirce said. It's not the first time she's criticized the process. At the time, she issued a statement saying that the SEC offered a 'weak explanation for its change of heart' for its approval more than 10 years after the first spot Bitcoin ETP filing: 'We have denied multiple applications over that period, depriving investors of the opportunity to gain exposure to Bitcoin in a more convenient and investor-friendly way … We squandered a decade of opportunities to do our job.' The flurry of spot Bitcoin funds hitting the market was less common than the staggered launches we typically see. When asked which approach investors can expect with future crypto ETF approvals, Peirce explained that the priority is to encourage people to come in with 'good filings and have good conversations with us and help us think through how we can prioritize getting through the work that we have.' 'If we just said 'well it's first in, first out,' then we would encourage people to put in really terrible filings just to get first in the door,' Peirce said in the interview with Bloomberg's podcast. 'I really want people to know that the better the work that you do in the lead up, the easier it is for us to process these things.' Permalink | © Copyright 2025 All rights reserved Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- General
- Yahoo
Massive pipes drawing concern from Crown Heights residents
WICHITA, Kan. (KSNW)—The Crown Heights neighborhood in Wichita floods when it rains, and because of that, it now has a different issue. KSN talked to people living in the neighborhood about their concerns. A stack of what appears to be large pipes is blocking the intersection of Old Manor and Douglas. It's all part of the Bleckley Drainage Project. Mary Peirce has lived in Crown Heights for almost ten years. 'All of a sudden this week, all of our streets are blocked off, and so no explanation,' Peirce said. 'Nobody knows what's going on, and I do know that some of residents to find out what was going on.' Peirce's concerns are shared by Chase Billingham, who also lives in the neighborhood. 'I think that people who live up here on this side of the hill were not fully aware that this project was going to touch them so directly,' Billingham said. City Council approves portion of Hyatt funds to aid District 1 youth programs Brandon Johnson, the City Council member for District 1, said that Nowak is completing the work on behalf of AT&T. 'What people are seeing today is actually utility work,' Johnson said. 'So it's not the city of Wichita starting on the Bleckley project. There's a company that has some utilities under the streets, and they're getting started on moving that. It's a major utility. It has to get moved before we get started.' He said that he is confident the blockage won't impact emergency vehicles. 'I know our public works team has been in contact with the utility. I'm sure they've also talked to fire and police to see what's going on, and we'll make sure that word gets out,' Johnson said. He says the drainage project will right a decades-long flooding problem in the Crown Heights neighborhood. 'Our goal is to make sure there's better communication going forward, both from the utility and from us,' Johnson said. So a blockage like this won't happen again. A statement from an AT&T spokesperson says, 'We appreciate the patience of the public and apologize for the inconvenience while we work to relocate our facilities. This work requires the closure of the south half of Douglas Avenue with traffic reroutes in place. We have been in close communication with the city and expect our work to be completed as soon as late June.' For more Kansas news, click here. Keep up with the latest breaking news by downloading our mobile app and signing up for our news email alerts. Sign up for our Storm Track 3 Weather app by clicking here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
