Yesterday, SEC Commissioner Hester Peirce sat down for a hearth chat with NYDIG founder Ross Stevens at New York Metropolis’s Bitcoin-themed bar PubKey.
The 2 traversed various matters throughout their dialogue, together with why it’s necessary that the world has a permissionless community and asset like Bitcoin in addition to why transactional privateness ought to be a proper for U.S. residents.
Peirce didn’t mince phrases in the course of the dialogue, but she additionally spoke with nuance and thoughtfulness as she responded to questions from not solely Stevens however from members of the viewers throughout a Q&A session, as nicely.
On Permissionlessness
Towards the onset of the speak, Peirce highlighted the truth that Bitcoin is a software for freedom fighters as a part of a broader theme of why it’s essential that permissionless know-how like Bitcoin exists.
She stated that she usually thinks about what it might have been like if somebody like Harriet Tubman had had Bitcoin.
Stevens then posed a query concerning the threat of a state of affairs through which a U.S. president points an government order that authorizes the federal government to confiscate U.S. residents’ bitcoin, like the best way Executive Order 6102 enabled the federal government to grab U.S. residents’ gold in 1933.
Peirce admitted that “it’s nonetheless doable for an Govt Order like 6102 to occur within the U.S.,” and made the case that it’s as much as us to stay vigilant in order to not allow one thing like this to occur once more.
“To guard ourselves from one thing like Govt Order 6102, we should reaffirm the founding ideas of America and maintain the federal government accountable to these ideas,” stated the commissioner.
Stevens added that a few of Bitcoin’s qualities, reminiscent of the power to retailer one’s seed phrase in a single’s thoughts, make it extra proof against seizure than gold and, due to this fact, a greater freedom-preserving know-how. (The subject of proudly owning precise bitcoin, or holding one’s personal bitcoin personal keys, as a method of embracing the true nature of Bitcoin as a permissionless know-how versus having bitcoin publicity by way of spot bitcoin ETFs or by means of custodians arose at many factors within the dialogue.)
Additional alongside within the dialogue, Peirce harassed the significance of the U.S. authorities persevering with to view code as speech, a subject that Stevens introduced up and has written extensively about.
“It’s necessary as regulators for us to deal with code as speech,” started Peirce.
“In any other case, builders must verify their code with the federal government earlier than publishing it,” she added, earlier than additionally noting that builders having to do that may stifle and undermine their means to publish open-source software program.
On Privateness
Midway by means of the speak, Stevens requested Peirce if People ought to be free to make use of crypto mixers.
Earlier than instantly commenting on the matter, Peirce spoke extra broadly to the idea of monetary privateness and that it appears to be of little concern to most U.S. residents.
“It’s exceptional to me how little individuals care about monetary privateness,” stated Peirce. “It’s very private the way you spend your cash — and we’ve ceded a lot privateness.”
Relating to crypto mixers extra particularly, Peirce acknowledged that she believes People have a proper to make use of such know-how.
“There’s imagined to be a presumption of innocence on this nation,” she stated. “Applied sciences that assist you to do issues on chain but in addition assist you to protect privateness are actually necessary.”
Originally of the Q&A portion of the occasion, Thomas Pacchia, the bar’s proprietor, highlighted the risks of the Bank Secrecy Act (BSA) in that it mandates that customers flip over vital quantities of non-public knowledge to monetary establishments and requested what the percentages have been of someday seeing the act repealed.
Peirce agreed with Pacchia that there’s nice threat in monetary establishments holding a lot of their prospects’ knowledge however identified that the thought of repealing the BSA is a degree of deep competition in Washington, D.C.
“Actually dangerous issues can occur if a centralized monetary establishment has lots of details about you, but it surely’s such a 3rd rail in D.C. to speak concerning the Financial institution Secrecy Act due to the worry that dangerous actors will rush in,” stated Peirce.
Listening Intently
Peirce has acknowledged various instances, most not too long ago at Bitcoin 2025, that she believes that the U.S. authorities works for the American individuals.
It’s clear that this isn’t simply sizzling air or a speaking level, as evidenced by how fastidiously she listens to the questions posed to her and the way considerate her responses to stated questions are.
For instance, I requested Commissioner Peirce if there was any probability we’d finally see in-kind redemptions for the spot bitcoin ETFs for retail traders.
Whereas she admitted that it’s “unlikely,” she supplied me some house to make my case for why they’re necessary and concluded the alternate with me by stating that she’d “give it some extra thought.”
She responded to Stevens and to every member of the viewers who posed a query with the identical kind of care and consideration, which gave the impression to be appreciated as she broached matters as delicate as having the authorized proper to carry one’s Bitcoin keys and to transact with bitcoin privately.
Peirce additionally appeared genuinely involved about ensuring that regulators don’t get in the best way of Bitcoin and crypto fulfilling their promise as each freedom know-how and an alternative choice to the standard monetary and financial programs.
“I’m involved that we’ll stunt development if we do issues the unsuitable method,” Peirce concluded, eliciting a heat spherical of applause from the Bitcoin fans in attendance.
