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39 Cato J. 1 (2019)

handle is hein.journals/catoj39 and id is 1 raw text is: 











        MOTHERHOOD AND HUMBLE PIE:
           SOME LESSONS FOR THE SEC
                    Hester M. Peirce

   The views that I will express today are my own and do not neces-
sarily represent those of the Securities and Exchange Commission
(SEC) or my fellow commissioners. Indeed, with respect to one par-
ticular issue I will be discussing today, my disagreement with my col-
leagues is sufficiently public and pronounced that it may not even
warrant a disclaimer. I speak, of course, of my dissent (Peirce 2018)
from the SEC's decision to reject an exchange-traded product that
was designed to give investors access to bitcoin (SEC 2018a).

A Free-Range CryptoMom
   In response to my dissent, I was informally dubbed CryptoMom.
I always have wanted to be a mother, so acquiring this new title was
quite an honor. Admittedly, this is not the form of motherhood I
envisioned, but one of the wonderful aspects of motherhood is that
children are quite different than their mothers anticipated they
would be.
   If I were a mother, I suspect that I would be a free-range mother
rather than a helicopter mom. A helicopter mother hovers over her
child in order to ensure the child's success, although this strategy




   CatoJournal, Vol. 39, No. 1 (Winter 2019). Copyright © Cato Institute. All rights
reserved.
   Hester M. Peirce is a Commissioner on the Securities and Exchange
Commission. This article is based on her keynote address at the Cato Institute's
FinTech Unbound Conference in San Francisco, September 12, 2018. She thanks
Richard Gabbert for assistance in preparing the speech.

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