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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.