Crypto mom takes the stage at blockchain summit

U.S. Securities and Exchange Commission Commissioner Hester Peirce spoke at the 8th annual Black Blockchain Summit in Washington.

“Our capital markets in the United States are a treasure that belongs to everyone,” Hester Peirce said.

Known in the industry as “Crypto Mom,” she remains active even after her second term ended in June.

The discussion at Howard University was moderated by Karima Woods, Commissioner of the District of Columbia Department of Insurance, Securities and Banking.

“I do believe that financial education is the best protection that we can give people,” Peirce said when asked about risk mitigation.

She stressed the need to shift away from disclosures as the primary default for investor protection.

“Principles-based regulation is what we need,” Peirce added as the dialogue turned to technology as a tool for financial inclusion.

The exchange highlighted strong synergy between the two regulators as their conversation deepened.

Peirce outlined initiatives from the SEC Crypto Task Force and promoted a cross-border regulatory sandbox between the U.S. and U.K. to boost digital assets.

Regulatory sandboxes have been explored by both regulators, though each has focused on distinct jurisdictions.

Commissioner Woods has been leading efforts for a DC regulatory sandbox since 2019.

She highlighted that in 2020, the Sandbox Council recommended to Mayor Bowser the creation of a safe testing environment for financial innovations.

Woods noted that the District’s sandbox program is now tied to pending legislation before the DC Council.

“DISB remains committed to innovation in the regulation of the financial services industry,” Woods said.

She reaffirmed her agency’s dedication to advancing financial innovation while ensuring proper oversight.