A former SEC Chief now predicts Hester Peirce will replace Gary Gensler in a drastic shift leading to the U.S. presidency.
“When any President is elected, the current SEC Chair typically resigns and the new SEC Chair position is rarely confirmed and filled until at least 3-4 months after Inauguration Day.
Hence, should a Republican get elected President, Chair Gensler would likely resign and the senior Republican appointed SEC Commissioner (in this case famed “crypto-mom” @HesterPeirce) would possibly become acting Chair,” said former SEC Office of Internet Enforcement chief John Reed Stark.
“If @HesterPeirce becomes acting Chair of the SEC, given her lengthy track record of dissent and opposition to most crypto-related SEC actions, the world should expect that most U.S. SEC crypto-related enforcement and most crypto-related SEC disruption would grind to a screeching halt,” he continued.
The United States’ securities regulator could completely u-turn its approach to crypto enforcement, depending on a key election in the United States in 2024, according to former SEC official John Reed Stark, says CoinTelegraph.
Hester Peirce has been highly scrutinized by retail investors, particularly those invested in stocks such as AMC and GameStop due to her take on market transparency.
She was one of the commissioners who voted against transparency rules that would increase hedge fund trade disclosure, something the ‘ape’ community has been raising awareness on for years now.
Her ties to a lobbyist group of anti-regulators has raised major concerns and questions about conflicts of interest in the regulatory system.
Is Hester Peirce Fit to Become SEC Chair?
Most would say yes, since not much to protect retail investors would actually be done — this is quite alarming to say about the position in general.
The Intercept wrote a piece on Hester Peirce in 2015 titled, “SEC Nominee To Oversee Wall Street Works At Think Tank Dedicated To Blocking Regulation.”
And according to the research, Hester Peirce received 98% of her salary from the Mercatus Center, a “think tank” that provides an academic façade to a radical anti-regulatory agenda.
But that’s not all, Mercatus Center focuses on the lobbying priorities of its corporate funders.
The Mercatus Center has been described by the Wall Street Journal “as a coordinating center for lobbyists trying to block a flurry of regulations.”
So, it comes as no surprise as to why the SEC commissioner has voted ‘no’ for market transparency rules.
Who Funds the Mercatus Center?
The Mercatus Center is one of the first think tanks formed by the right-wing billionaire Koch brothers to influence government policy.
The Koch family has provided over $35 million to the Mercatus Center in recent years.
Other funding has come from ExxonMobil and Morgan Stanley.
Koch Industries also deals with derivatives such as stocks and bonds and is deeply involved in implementation efforts of the Dodd-Frank reform law.
A law that lacks much transparency needed to enforce a sustainable market.
This SEC commissioner has also opposed regulating private funds such as private family offices stating they are not a systemic risk to the financial system.
However, private family offices are known as ‘unregulated hedge funds‘ since they are not required to register with the SEC.
These private funds hold trillions in global assets with 40% being held in the United States alone.
Is Hester Peirce replacing Gary Gensler a good idea? Leave your thoughts in the comment section below.
Also Read: A New Bill is Being Introduced to Fire Gary Gensler
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The corruption in the Stock Market is so exhausting. When will the FBI be brought in?
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