Interview: SEC Commissioner Hester Peirce on Reg Crypto

Commissioner Hester Peirce joins the podcast to discuss Regulation Crypto Assets, as well as secondary market trading, DePIN and vaults. If you haven't listened to the full Reg Crypto explainer, that's episode 207. This episode is presented by Altitude. Visit altitude.xyz/law to learn more about their financial operating system.Timestamps:0:00 Intro2:22 Secondary transactions3:23 Promises and representations5:05 Essential managerial efforts8:27 Regulatory arbitrage10:29 Form TR16:59 Existing token projects and Form TR18:27 Compliance costs21:48 Secondary markets24:12 DePIN27:02 Vaults35:31 Accredited investors40:25 Tokens and equityThank you to the other sponsors of this episode: Cahill Gordon & Reindel, the Solana Policy Institute and the Hyperliquid Policy Center.On Thursday, September 24, 2026, CahillNXT will host Confluence 2026, its flagship conference, in New York City. This year'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. To register your interest, email events@cahill.com. Newsletter: Stay updated on emerging tech law for free at lawofcode.fm. Any feedback on this episode? Or how to improve the podcast? Click here: https://forms.gle/yFFN66e8iy8shQkAA Disclaimer: This podcast is for informational and educational purposes only and does not constitute legal or investment advice. Commissioner Peirce'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.