SEC Commissioner Hester Peirce Calls for Crypto Reforms Under Trump’s SEC

Hester Peirce, Commissioner of the United States Securities and Exchange Commission (SEC), provided 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 for overcoming what she sees as critical obstacles hindering growth and clarity in the crypto industry.

Pierces Roadmap to Clearer Crypto Regulation

In the interview, highlighted by Fox Business reporter Eleanor Terret in a December 10 article on X, Peirce referenced the controversial “Operation Chokepoint 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 end these restrictive practices, stating:

“The first step is to stop this approach of trying to prevent crypto from accessing the services it needs – custody, for example – to move forward.”

The second recommendation sought to clearly define the SEC’s regulatory scope to address uncertainty about which digital assets fall under its jurisdiction. She 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 be involved and added that she believed good progress could be made quickly.

Renewed focus on “Operation Chokepoint 2.0”

The commissioner’s remarks follow renewed interest in “Operation Chokepoint 2.0.” In November, Coinbase revealed a document containing “pause letters” from the FDIC that it claims are evidence of the crypto industry being suppressed.

The exchange’s legal team argued that the leaked 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 .

Although no formal ban has been placed on the industry, regulatory agencies such as the Federal Reserve, FDIC and OCC have already issued guidance warning banks about the risks of working with corporations of cryptography.

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

In his “Make Community Banking Great Again” plan, the congressman argued that financial institutions should not close their customers’ accounts without good and substantial reasons, calling such actions an abuse of government power.

Cardano founder Charles Hoskinson also expressed concerns 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.