Hester Peirce is a current commissioner at the Securities and Exchange Commission and serves on its crypto task force. Hester returns to the show to discuss her time and role at the SEC, the SEC evolving role in the regulation landscape, the problems with our current state of the financial surveillance, the state of crypto for a regulator's perspective, and much more. Check out the transcript for this week's episode, now with links. Recorded on August 11th, 2025 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Hester on X: @HesterPeirce Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Subscribe to David's new BTS YouTube Channel Timestamps 00:00:00 - Intro 00:01:56 - Hester's Career 00:07:57 - Peanut Butter and Watermelon 00:17:37 - Crypto Mom 00:20:49 - GENIUS Act and CLARITY Act 00:22:47 - Crypto Task Force 00:24:04 - Feedback 00:26:53 - Being an SEC Commissioner 00:31:24 - Lane Drifting 00:37:31 - Dissent 00:40:20 - SEC Moving Forward 00:47:03 - Outro

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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