Interview: SEC Commissioner Hester Peirce on Reg Crypto

<p>Commissioner Hester Peirce joins the podcast to discuss Regulation Crypto Assets, as well as secondary market trading, DePIN and vaults. </p><p>If you haven&#39;t listened to the full Reg Crypto explainer, that&#39;s episode 207. </p><p>This episode is presented by Altitude. Visit altitude.xyz/law to learn more about their financial operating system.</p><p>Timestamps:</p><p>0:00 Intro</p><p>2:22 Secondary transactions</p><p>3:23 Promises and representations</p><p>5:05 Essential managerial efforts</p><p>8:27 Regulatory arbitrage</p><p>10:29 Form TR</p><p>16:59 Existing token projects and Form TR</p><p>18:27 Compliance costs</p><p>21:48 Secondary markets</p><p>24:12 DePIN</p><p>27:02 Vaults</p><p>35:31 Accredited investors</p><p>40:25 Tokens and equity</p><p>Thank you to the other sponsors of this episode: Cahill Gordon &amp; Reindel, the Solana Policy Institute and the Hyperliquid Policy Center.</p><p>On Thursday, September 24, 2026, CahillNXT will host Confluence 2026, its flagship conference, in New York City. </p><p>This year&#39;s theme, Leading the NXT Frontier, brings together regulators, institutional investors, founders, policymakers and industry leaders to examine digital assets, market structure, regulation and the emerging technologies transforming financial markets. </p><p>To register your interest, email <a href="mailto:events@cahill.com">events@cahill.com</a>. </p><p><strong>Newsletter: Stay updated on emerging tech law for free at lawofcode.fm. </strong></p><p>Any feedback on this episode? Or how to improve the podcast? Click here: <a href="https://forms.gle/yFFN66e8iy8shQkAA">https://forms.gle/yFFN66e8iy8shQkAA</a> </p><p><em>Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Commissioner Peirce&#39;s views are her own and do not necessarily represent those of the SEC or her fellow Commissioners. Listening to this podcast does not create an attorney-client relationship.</em></p>