SEC Commissioner Hester Peirce calls for crypto reforms under Trump

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

In a recent interview with Fox Business, Peirce identified three priorities for addressing what he sees as critical obstacles hindering the growth and clarity of the crypto industry.

Pierces Roadmap to Clearer Crypto Regulations

In the interview, highlighted by Fox Business reporter Eleanor Terret in a Dec. 10 post on X, Peirce referenced the controversial “Operation Shoppoint 2.0” initiative. Critics have used the 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 Crypto from having access to the services it needs, such as custody, to move forward.”

The second recommendation focused on clearly defining the SEC’s regulatory scope to address uncertainty about which digital asset falls 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 emphasized the need for regulators and crypto companies to work together to determine how current rules apply to the industry and where changes may be needed. Peirce said this should be done openly so everyone can be involved, adding that he believes they could be moved forward quickly.

Renewed focus on “Operation Shoppoint 2.0”

The commissioner’s remarks follow a renewed spotlight on “Operation Shokepoint 2.0.” In November, Coinbase revealed a document that included the FDIC “Pause Letters,” which it claims is evidence of the suppression of the crypto industry.

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

While formal bans have not been placed on the industry, regulatory agencies such as the Federal Reserve, the FDIC, and the OCC previously released guidance warning banks about the risks of working with crypto companies.

Meanwhile, US Representative French Hill has also pledged to investigate Operation Shoppoint 2.0, which he described as targeting the sector through politicized withdrawal.

In his “Make Banking Community Great Again” plan, the congressman argued that financial institutions should not close customer accounts without valid and substantial reasons, labeling such actions a misuse of government power.

Cardano founder Charles Hoskinson has also expressed concern about the overall 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.

Special Offer (Sponsored) Binance Free $600 (CryptopoTato Exclusive) – Use this link to register a new account and receive $600 exclusive welcome to Binance (full details).

Limited offer for cryptopotato readers on BYBIT: Use this link to register and open a free $500 position in any currency.