Fireside Chat with SEC Commissioner Hester Peirce (aka Crypto Mom) and Unchained’s Laura Shin

 
 
 

Last night we had the pleasure of attending Laura Shin’s Unchained Fireside Chat with SEC Commissioner Hester Peirce at NYU Stern School of Business.

Here are five thoughts from the event:

1) Commission Peirce is exactly what the Digital Asset industry needs in a Regulator.  She gets the criticality of this period for the U.S. to maintain its position as a leader of global innovation. She understands the U.S. is beginning to fall behind, in large part to U.S. Regulation. She wants to be a part of the discussion instead of having the discussion edited and presented to her.  In fact, she asked innovators to reach out directly to her multiple times during the chat.  I was impressed with her passion for innovation and her perspectives on collaboration.

2) Integrating Innovation with Regulation must be a proactive priority instead of a reactive, hold-your-breath-and-wait-and-see. Commissioner Peirce mentioned a potential Office of Innovation at the SEC to facilitate these interactions?  Yes, please!

3) The Digital Asset industry must own a sense of accountability.  Coming from Wall Street, this seems obvious to most, but having been in this space for a year, unfortunately, accountability is still something our industry must learn.  And learning will be the hard way for many that made mistakes, honest or not.  Commissioner Peirce said it’s better for you to come to us instead of us come to you. 

4) The term “Accredited Investor” needs to be updated or removed altogether.  It was relevant 80 years ago, but has no place in today’s investing markets.  Today, anyone of age can take $100 and roll dice at a craps table or buy a lottery ticket, but only “accredited investors” can invest into private companies because non-accredited investors must be protected? There’s something wrong with this situation and Commissioner Peirce appears ready to have the discussion.

5) This specific Digital Asset & DLT audience is the definition of diversity, from any metric one could use – from physical metrics (gender, ethnicity, age) to non-tangible ones (Digital Asset sophistication, Industry specialization).  Refreshing change from typical DLT events and says a lot about the draw both Laura Shin and Crypto Mom command.

We believe strongly in the future of Digital Assets & Digital Securities, but if we continue to treat Regulators like the opponent instead of our teammate, we are all going to lose. 

Elliot Chun

 
Elliot ChunComment