Hester Peirce (헤스터 피어스), a U.S. Securities and Exchange Commission (SEC) commissioner known as a “crypto mom,” publicly urged cryptocurrency companies and asset managers to cooperate with regulators in advance, signalling a possible shift in the SEC’s approach to digital asset regulation.

Cryptopolitan, a blockchain media outlet, reported on March 17 that Peirce recently asked in media interviews and at industry events that companies developing tokenised assets and new trading structures “talk to the SEC from the initial design stage, rather than responding after problems occur.” This is seen as a sign the SEC could move away from an approach criticised for focusing on after-the-fact enforcement and toward regulation based on prior consultation.

She stressed it is important for companies to communicate directly with regulators rather than relying on informal legal interpretations or assumptions, and said she is ready to discuss legal and technical issues related to tokenised products together. She also mentioned the possibility of an “innovation exemption” under which the SEC would allow limited experimentation for some projects. She drew a line, saying such exemptions would be applied carefully within a range that does not undermine investor protection principles.

“If an issuer can explain the structure within the scope of securities laws, it can also propose products that go beyond existing standards,” Peirce added.

Interest in tokenisation has been expanding rapidly in the market recently. Issuing and distributing traditional financial assets on a blockchain is drawing attention because it can improve transaction efficiency and transparency, and multiple asset managers are reported to be reviewing ways to include blockchain-based securities in exchange-traded funds (ETFs). Peirce also acknowledged that market interest is clearly rising, noting that many companies are submitting similar tokenisation proposals.

She also clarified the regulator’s role in discussions related to leveraged ETFs. “It is not the SEC’s role to decide what products are good investments,” Peirce said, stressing that the regulator’s core responsibility is to ensure that product structures and risk factors are sufficiently disclosed to investors. This shows the SEC is strengthening a regulatory direction centred on disclosure rather than market intervention.

Her remarks also foreshadow change in the conflict that has continued between the cryptocurrency industry and regulators. The industry has repeatedly complained about regulatory uncertainty and policies focused on after-the-fact sanctions, while the SEC has maintained a tough enforcement stance.

Peirce’s message suggests these clashes could gradually shift toward cooperation and coordination. One view is that it shows the SEC is moving toward managing the tokenisation market within the institutional framework rather than suppressing it outright. In the market, some interpretations are also emerging that this could be a turning point for digital assets to more fully combine with institutional finance.