YEREVAN (CoinChapter.com)
—Hester Peirce, commissioner at the U.S. Securities and Exchange Commission (SEC), said on March 26 that the agency must adopt formal SEC rulemaking to ensure long-term crypto regulation. She spoke during the DC Blockchain Summit, emphasizing that laws and agency rules should replace informal guidance.
Peirce, who leads the SEC’s crypto task force, said rulemaking would prevent regulatory confusion. She said developers should not base decisions only on the Howey test, which defines whether an asset is a security.
“I hope people won’t be sitting around thinking about the Howey test,” she said.
“Your lawyers have to think about these things… but it shouldn’t be the kind of thing that is driving what you decide to build.”
Peirce called for clear standards on which digital assets fall under SEC jurisdiction and how developers can proceed legally. She said formal rules would remain consistent under changing political leadership, including during the Trump administration.
Crypto Task Force Pushes Back on Informal SEC Guidance
Peirce compared current guidance with more permanent SEC rulemaking. She referenced recent statements from the SEC, including one that memecoins do not qualify as securities. She said these non-binding views create uncertainty.
Formal rulemaking, according to Peirce, would give developers more confidence when building blockchain-based projects. She explained that crypto regulation through proper rulemaking would give the industry stable ground to work on, regardless of which party controls the SEC.
The call for clear rules comes as the SEC crypto task force and leadership adjust enforcement actions. Recently, the agency dropped investigations or lawsuits involving Coinbase, Ripple, Kraken, and Immutable. These decisions followed the appointment of Mark Uyeda as acting SEC chair.
Crypto Regulation and the Trump Administration’s Executive Actions
The Trump administration has begun to shape federal policy on crypto assets. On his third day in office, Donald Trump signed an executive order to create a group that would study stablecoin regulation.
The executive order directs the group to develop ideas for a legal framework covering stablecoins and other digital assets. Meanwhile, the 119th Congress, which began in January, is considering a market structure bill. The bill would define how the SEC and the Commodity Futures Trading Commission (CFTC) divide responsibilities over digital assets.
Peirce said that combining SEC rulemaking with congressional law would make crypto regulation clearer. However, she did not provide further detail on specific rules or bill provisions.
Paul Atkins Faces Senate Review as Potential SEC Chair
Paul Atkins, nominated by Donald Trump in December, is expected to testify before the Senate Banking Committee on March 27. If confirmed, Atkins would serve as SEC chair through 2031.
Atkins previously served as an SEC commissioner. He currently holds assets in Securitize, a platform focused on real-world asset tokenization, and runs a consulting firm linked to FTX. These connections may draw attention during his Senate appearance.
If approved, Atkins would replace Mark Uyeda as head of the SEC. His confirmation would mark another leadership change that could impact crypto regulation and future SEC rulemaking.