SEC Commissioner Hester Peirce Calls for Cryptocurrency Reforms Under Trump’s SEC Leadership

Hester Peirce, commissioner of the US Securities and Exchange Commission (SEC), has outlined a vision for the agency’s crypto regulatory strategy under President-elect Donald Trump.

In a recent interview on Fox Business, Peirce identified three priorities to address what she considers critical obstacles hindering the growth and clarity of the crypto industry.

Pierces’ roadmap to clearer crypto regulations

In the interview, highlighted Per Fox Business reporter Eleanor Terret in a December 10 post on X, Peirce referenced the controversial “Operation Chokepoint 2.0” initiative. Critics have used this term to describe alleged government efforts to limit the crypto sector’s access to banking and financial services. Peirce emphasized the need to stop these restrictive practices, stating:

“The first step is to stop this approach of trying to prevent cryptocurrencies from gaining access to the services they need (custody, for example) to move forward.”

The second recommendation focused on clearly defining the SEC’s regulatory scope to address uncertainty over which digital assets are under its jurisdiction. He highlighted the importance of clarifying which assets are not considered securities and, therefore, do not require compliance with the financial watchdog’s framework.

The official also highlighted the need for regulators and crypto companies to work together to determine how current rules apply to the industry and where changes might be necessary. Peirce said this should be done openly so everyone can participate, adding that he believes good progress could be made quickly.

Renewed focus on “Operation Chokepoint 2.0”

The Commissioner’s comments follow new attention on “Operation Chokepoint 2.0.” In November, Coinbase revealed a document which included “pause letters” from the FDIC, which it claims are evidence of the suppression of the crypto industry.

The exchange’s legal team has argued that the disclosed letters, obtained through a Freedom of Information Act (FOIA) request, confirm informal measures used by federal agencies to limit crypto companies’ access to financial services. .

While no formal bans have been imposed on the industry, regulatory agencies such as the Federal Reserve, FDIC, and OCC previously issued guidance warning banks about the risks of working with crypto companies.

Meanwhile, US Representative French Hill has also fiance to investigate Operation Chokepoint 2.0, which he described as targeting the sector through politicized debanking.

In his “Make Community Banking Great Again” plan, Congressman argument that financial institutions should not close customer accounts without valid and substantial reasons, calling such actions an abuse of government power.

Cardano founder Charles Hoskinson also expressed concern about the global impact of the operation. He described the campaign as a systematic effort to harass, fine, audit, and deny services to crypto companies around the world.