SEC Commissioner Hester Peirce, the chair of the agency’s crypto task force, has outlined her regulatory priorities for the remainder of her term, warning that if the CLARITY Act passes it will create substantial new rule-writing obligations the SEC needs to begin preparing for now.
CLARITY Act Is the Hinge Point
Peirce made clear that the crypto task force’s direction depends significantly on whether the CLARITY Act clears Congress. “Clarity does give us quite a few regulatory obligation or rule writing obligations,” she said. “That’s something that we’re watching and we’re trying to prepare for, what that will look like if it passes, how we’ll go about coordinating that work, because that will be a big coordination job.”
She described the legislation as a foundational piece that will shape what the SEC and CFTC do for years beyond her own tenure, noting the taxonomy and definitions established now will serve as the interpretive framework for the regulators who follow.
Token Fundraising Is a Priority
Beyond the CLARITY Act, Peirce flagged token-based capital raising as a personal priority she has pushed for years. The commission has been doing preparatory work on what a viable regulatory framework for using tokens in fundraising would look like, and she wants to see that completed. The innovation exemption, which has been discussed within the task force, is another item she wants resolved before she leaves.
Nuts and Bolts of Market Infrastructure
Peirce also outlined a range of infrastructure-level issues the commission is working through. These include how transfer agents interact with blockchain systems, custody of crypto assets on both the investment advisor and broker-dealer sides, and how clearing agencies fit into the digital asset landscape. The DTCC recently received a no-action letter greenlighting it to conduct experimentation in this area.
The commission is also reconsidering how broker definitions apply to crypto, including user interfaces. A temporary staff statement was issued to give the agency time to think through how broker-dealer regulation interacts with on-chain activity. Vaults are another emerging area Peirce flagged as needing regulatory attention.
Her Time Is Short
Peirce disclosed that her term expired last June and she can remain only until the end of the calendar year unless someone else is appointed to fill the seat. She said she expects to leave before most of this work reaches completion, but expressed confidence the commission will continue progressing on digital assets after her departure.
Her Advice to the Industry
Peirce closed with direct guidance for crypto companies navigating the current environment. Get specialised legal counsel, think clearly about what regulatory relief you actually need, and come talk to the SEC before assuming the worst. “Don’t panic,” she said. “Come in and talk to us and we can think about what makes sense.”
She added that the crypto task force and the broader SEC staff are eager to engage, and that progress only comes when companies are willing to describe what they are trying to build and what stands in their way.
