At the Bitcoin 2025 Conference held in Las Vegas, SEC Commissioner Hester Peirce shared her opinions on the state of crypto regulation in a lively fireside chat with Fold’s General Counsel Hailey Lennon.
Lennon opened the conversation by asking about the current enforcement focus in the digital asset world. Peirce replied, “Some people have taken the fact that we haven’t moved forward with a ton of these cases as inaction—but there’s a lot to digest.”
Peirce said the SEC is not ignoring the digital asset space and is actively looking for new input. “We’re bringing in outside perspectives,” she said. “That’s really the way to get to good rules.”
One part of the discussion centered on the confusion many in the crypto space feel about current regulations. Peirce was direct about the problem: “One complaint I’ve had is that in an environment of regulatory uncertainty, it’s much harder to identify bad actors—and it gives them more room to operate.”
She added that this unclear environment doesn’t just let bad actors thrive—it also drives good actors away. “It pushes legitimate actors out of the U.S. or out of the industry entirely,” Peirce said.
“We need to create a good environment for the good actors and a bad one for the bad actors,” she continued, drawing strong applause from the audience.
Peirce also addressed her recent tweet about disclosure rules for crypto projects that might be considered securities but did not give further details during the talk.
When asked about the hype around memecoins and similar tokens, she gave a warning with a touch of humor: “If you’re expecting to buy a memecoin and become a billionaire—buyer beware. Be an adult. If you want to speculate, go for it, but if something goes wrong, don’t come complaining to the government.”
Peirce encouraged attendees to speak up about important issues like financial freedom and government overreach. “Government works for the people,” she said. “Your voices are so important for helping us think through these issues.”
She said Americans believe in the “freedom to innovate” and that community participation is key in shaping better rules.
Peirce also said Bitcoin’s role in mainstream finance cannot be ignored. “We need to think about how it interacts with our regulatory framework,” she said, “but the key is preserving people’s ability to transfer value on their own terms.”
Closing her session, she left the crowd with a message: “You don’t have to wait for the government. Demand transparency. Learn from failures. Pick yourself up, dust yourself off, and do better next time.”
