The Chopping Block: Hester Peirce on Freedom, Fraud, & Fixing the SEC - Ep. 810
Unchained
02 Apr 2025
57:37
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by SEC Commissioner Hester Peirce—aka “CryptoMom”—for a rare, candid conversation. They unpack the SEC’s vibe shift, why airdrops might be doomed, and whether memecoins are just collectibles or cleverly disguised securities. Plus, Hester dishes on Paul Atkins’ potential leadership, the SEC’s new crypto task force, and what real regulatory clarity might finally look like.
Show highlights
🔹 Hester Peirce Unfiltered – The SEC’s “CryptoMom” on vibes vs. law, the Gensler era, and why the U.S. needs a freedom-first approach
🔹 “Come In and Talk to Us” – Why the SEC wants founders to re-engage—but can trust be rebuilt after years of legal whiplash?
🔹 Memecoins ≠ Securities? – How the new SEC is redefining meme coin oversight and why “collectibles” might be the new loophole
🔹 Airdrops Are Kinda Pointless – Haseeb argues most airdrops fail to deliver value or decentralization; the panel debates
🔹 Self-Regulation in Crypto – Hester’s surprising praise for proof-of-reserves and why industry norms might beat new rules
🔹 The Howey Test Is Broken – How forcing orange grove law onto crypto led an entire industry to play armchair lawyer
🔹 Will the New SEC Last? – If the White House flips, could the next Chair bring back the enforcement hammer?
🔹 Tarun’s TradFi Feedback Loop – Why TradFi may start borrowing more from crypto playbooks than the other way around
🔹 Regulation by Meme – The SEC embraces facts and circumstances—but is “Ghibli meme policy” scalable?
🔹 What Should Founders Do Now? – The panel pushes Hester on timelines, clarity, and whether the U.S. is safe to build in again
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Guest
⭐️ Hester Peirce, SEC Commissioner
Disclosures
Links
Miles To Go: Remarks before The Digital Chamber's 8th Annual DC Blockchain Summit by Hester Peirce: https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-dc-blockchain-summit-032625
Timestamps
00:00 Intro
05:35 The Role of Regulation in Innovation
09:54 Crypto Task Force & Future Plans
18:47 Global Perspectives on Crypto Regulation
23:26 Self-Regulation in the Crypto Industry
27:27 SEC's Role & Potential Adjustments
35:04 Evaluating Memecoins & Their Regulatory Status
36:48 The Howey Test & Its Application to Crypto
43:55 Future of Crypto Regulation & SEC's Approach
47:10 Insights on SEC Leadership & Regulatory Philosophy
51:35 Advice for Aspiring Securities Lawyers
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by SEC Commissioner Hester Peirce—aka “CryptoMom”—for a rare, candid conversation. They unpack the SEC’s vibe shift, why airdrops might be doomed, and whether memecoins are just collectibles or cleverly disguised securities. Plus, Hester dishes on Paul Atkins’ potential leadership, the SEC’s new crypto task force, and what real regulatory clarity might finally look like.
Show highlights
🔹 Hester Peirce Unfiltered – The SEC’s “CryptoMom” on vibes vs. law, the Gensler era, and why the U.S. needs a freedom-first approach
🔹 “Come In and Talk to Us” – Why the SEC wants founders to re-engage—but can trust be rebuilt after years of legal whiplash?
🔹 Memecoins ≠ Securities? – How the new SEC is redefining meme coin oversight and why “collectibles” might be the new loophole
🔹 Airdrops Are Kinda Pointless – Haseeb argues most airdrops fail to deliver value or decentralization; the panel debates
🔹 Self-Regulation in Crypto – Hester’s surprising praise for proof-of-reserves and why industry norms might beat new rules
🔹 The Howey Test Is Broken – How forcing orange grove law onto crypto led an entire industry to play armchair lawyer
🔹 Will the New SEC Last? – If the White House flips, could the next Chair bring back the enforcement hammer?
🔹 Tarun’s TradFi Feedback Loop – Why TradFi may start borrowing more from crypto playbooks than the other way around
🔹 Regulation by Meme – The SEC embraces facts and circumstances—but is “Ghibli meme policy” scalable?
🔹 What Should Founders Do Now? – The panel pushes Hester on timelines, clarity, and whether the U.S. is safe to build in again
Hosts
⭐️Haseeb Qureshi, Managing Partner at Dragonfly
⭐️Robert Leshner, CEO & Co-founder of Superstate
⭐️Tarun Chitra, Managing Partner at Robot Ventures
⭐️Tom Schmidt, General Partner at Dragonfly
Guest
⭐️ Hester Peirce, SEC Commissioner
Disclosures
Links
Miles To Go: Remarks before The Digital Chamber's 8th Annual DC Blockchain Summit by Hester Peirce: https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-dc-blockchain-summit-032625
Timestamps
00:00 Intro
05:35 The Role of Regulation in Innovation
09:54 Crypto Task Force & Future Plans
18:47 Global Perspectives on Crypto Regulation
23:26 Self-Regulation in the Crypto Industry
27:27 SEC's Role & Potential Adjustments
35:04 Evaluating Memecoins & Their Regulatory Status
36:48 The Howey Test & Its Application to Crypto
43:55 Future of Crypto Regulation & SEC's Approach
47:10 Insights on SEC Leadership & Regulatory Philosophy
51:35 Advice for Aspiring Securities Lawyers
Learn more about your ad choices. Visit megaphone.fm/adchoices