At the Bitcoin 2025 Conference this morning, U.S. Securities and Exchange Commissioner Hester Peirce took the stage with Fold’s General Counsel Hailey Lennon for a fireside chat that pulled no punches.
Opening with a question about enforcement priorities since the change in administration, Lennon asked, “What are the current enforcement priorities, if any, in the digital asset space?” Peirce acknowledged the public’s frustration: “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.” She stressed that the agency is actively bringing in outside perspectives, stating, “That’s really the way to get to good rules.”
A core theme of the conversation was regulatory uncertainty. “One complaint I’ve had,” Peirce said, “is that in an environment of regulatory uncertainty, it’s much harder to identify bad actors—and it gives them more room to operate. Meanwhile, it pushes legitimate actors out of the U.S. or out of the industry entirely. We need to create a good environment for the good actors and a bad one for the bad actors.”
Peirce also addressed her recent tweet hinting at disclosure requirements for projects potentially considered securities.
When asked about the explosion of memecoins and speculative tokens, Peirce didn’t hold back: “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.” This confirms the value, and security of Bitcoin.
She emphasized the importance of community participation, noting that “government works for the people,” and encouraged attendees to weigh in on issues like surveillance and financial freedom. “In the United States, we are all about freedom. Freedom to innovate. Your voices are so important for helping us think through these issues.”
Peirce’s remarks echo the statements that JD Vance touched on yesterday during his speech at the Bitcoin 2025 Conference. They both emphasized that we, the American people, have the power to transform the traditional financial system, and fuel Bitcoin.
Discussing Bitcoin’s growing presence in traditional finance, Lennon asked whether the SEC is prepared for that convergence. Peirce replied, “We can’t ignore it. When people are free to use something, it will eventually be incorporated into traditional financial products. We need to think about how it interacts with our regulatory framework—but the key is preserving people’s ability to transfer value on their own terms.”
Looking ahead, Peirce left attendees with a powerful reminder: “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.”
You can watch the full panel discussion and the rest of the Bitcoin 2025 Conference Day 3 below:
