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Peirce Pushes Back: SEC’s Approach ‘Must Be Corrected’
Unlike Gensler, Peirce recognized the potential of crypto early on, going as far as proposing a safe harbor approach to regulating decentralized assets back in early 2020.
She refined her proposal in 2021 and discussed it once again on Monday. A safe harbor framework would involve acknowledging that some crypto assets may start out as securities but may no longer be classified as such over a period of time.
For instance, tokens issued prior to a network launch for the purpose of funding development of the said network would initially be deemed securities but wouldn’t be subject to securities laws during a pre-determined grace period.
Once the platform is fully functional and its maintenance becomes sufficiently decentralized—and assuming this happens prior to the expiration of the grace period—the network’s token ceases to be a security and can trade freely in secondary markets.
But Peirce’s ideas were stymied by Gensler’s regulation-by-enforcement method, which decimated the industry and turned the SEC into crypto’s primary adversary. And on Monday, she stood in defiance of the former chairman, who once quipped, “Of the nearly 10,000 tokens in the crypto market, I believe the vast majority are securities,” at the 2022 installment of SEC Speaks.
With the newly appointed Chairman Paul Atkins in her corner, Peirce recounted the story of Samuel Whittemore, a hero of the eighteenth-century American Revolution, before tying it to her own revolutionary perspective: unlike Gensler, she believes most crypto assets are not securities.
“The most popular topic of discussion by far in written input and industry meetings has been security status,” Peirce explained. “My short answer to the question, ‘Are crypto assets securities,’ is that most currently existing crypto assets in the market are not.”
She went on to discuss many nuanced legal points, stressing the importance of economic realities and explaining that “the line demarcating transactions covered by the securities laws from those that are not, is still hazy.” She pledged that the SEC will continue its new journey of providing regulatory clarity, instead of wielding the stick of regulation by enforcement.
But by far, the most consequential of her statements was her take on the security status of crypto assets.
The commissioner then ended her speech with a final reference to Whittemore:
“Two hundred and fifty years after Samuel Whittemore made his stand behind the stone wall, I stand here today grateful for the freedom for which he fought,” Peirce said. “I hope that all of us can look up from the minutiae of the securities laws for a moment to celebrate a quarter of a millennium’s fight for freedom.”
@ Newshounds News™
Source: Bitcoin News
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U.S. LEADS THE WORLD IN BITCOIN OWNERSHIP, NEW REPORT SHOWS
The U.S. leads global Bitcoin ownership and mining, with strong political backing and growing adoption across diverse demographics.
A new report from River reveals that the United States dominates Bitcoin ownership globally, holding about 40% of all available Bitcoin. With 14.3% of its population owning Bitcoin, the U.S. outpaces Europe, Oceania, and Asia combined.
Corporate America also leads in Bitcoin holdings. Thirty-two U.S. public companies, with a combined market cap of $1.26 trillion, hold Bitcoin as a treasury asset. These firms account for 94.8% of all Bitcoin owned by publicly traded companies worldwide. Major holders include:
- Strategy with 569,000 BTC
- U.S. mining companies with 96,000 BTC
- Others with 68,000 BTC
Totaling 733,000 BTC in the U.S., compared to 40,000 BTC held elsewhere.
The U.S. has also emerged as the global leader in Bitcoin mining since China’s ban on Bitcoin mining in 2021. It is now responsible for 38% of all new Bitcoin mined since then.
The U.S. attracts miners due to:
- Stable regulatory environment
- Access to deep and liquid capital markets
- Abundant energy resources
These advantages have helped the U.S. increase its share of the global Bitcoin mining hashrate by over 500% since 2020, solidifying its position as the center of the industry.
Bitcoin is also emerging as America’s preferred reserve asset, overtaking gold.
Over 49.6 million Americans are in favor of holding Bitcoin, compared to 36.7 million who still prefer gold.
The U.S. government’s Bitcoin advantage is now greater than that of gold, where the U.S. accounts for only 29.9% of the world’s central bank gold reserves.
“Because there is a fixed supply of BTC, there is a strategic advantage to being among the first nations to create a strategic bitcoin reserve,”
said the White House on March 7, 2025.
Political support for Bitcoin is surging in the U.S.
Currently:
- 59% of U.S. Senators
- 66% of House Representatives
Openly support pro-Bitcoin policies, signaling a significant shift in political sentiment and greater acceptance of digital assets as a key part of America’s economic future.
The study also reveals:
- Bitcoin ownership is highest among American males aged 31–35 and 41–45
- Ownership rates within these groups range from 3% to 41%
- Politically, individuals identifying as “very liberal” or “neutral” are more likely to own Bitcoin
- However, conservatives still make up a significant portion of holders
@ Newshounds News™
🔗 Source: Bitcoin Magazine
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