Hester Peirce on Her Legacy at the SEC and the Future of Crypto

Hester Peirce, outgoing SEC commissioner, discusses her legacy, crypto clarity, and the SEC's evaluation of crypto ETFs, including those involving Trump. She emphasizes the importance of merit and criticizes the process for Bitcoin ETFs as "terribly mismanaged."

The Securities and Exchange Commission (SEC) has delayed decisions on several key crypto ETFs, including those tied to Solana (SOL), XRP, Hedera (HBAR), and Dogecoin (DOGE), despite a leadership shift and support for crypto innovation from the new administration. The delays come as over 70 crypto ETF filings await approval amid regulatory uncertainty [1].

Outgoing SEC Commissioner Hester Peirce has discussed her legacy and the SEC's evaluation of crypto ETFs. She emphasized the importance of merit and criticized the process for Bitcoin ETFs as "terribly mismanaged." Peirce's leadership has been instrumental in the SEC's efforts to clarify crypto regulations, but the delays in ETF approvals have persisted [1].

The SEC has pushed back decisions on several high-profile crypto ETFs, including Franklin Templeton’s Solana and XRP funds, Grayscale’s Hedera ETF, and Bitwise’s Dogecoin proposal. These delays are standard under SEC review procedures, requiring the agency to evaluate ETF filings at 45-day, 90-day, 180-day, and 240-day intervals after submission [1].

Final ETF decisions are expected in late 2025, with many pending products reaching their final deadlines in Q3 and Q4 of 2025. For example, the Franklin Spot Solana ETF is due for a final decision by Oct. 7, 2025, with the XRP version scheduled for Nov. 5. The Bitwise Dogecoin and Grayscale Hedera ETFs will reach their final deadlines on Oct. 8 [1].

While frustrating for the industry, the SEC’s slow-moving approach is not new. Spot Bitcoin (BTC) ETFs also faced repeated delays before receiving approval earlier this year. The Trump-appointed crypto task force, led by SEC Commissioner Hester Peirce, has been holding industry roundtables in a bid to draft clearer guidance, but progress is slow [1].

With final decisions on many ETF proposals pushed to late 2025, much now depends on whether the regulatory overhaul delivers the clarity issuers need, and whether the SEC is finally ready to approve a new wave of crypto ETFs [1].

References:
[1] https://www.ccn.com/news/crypto/crypto-etfs-hit-wall-sec-pro-crypto-makeover/