Hester Peirce Leaves SEC, Leaving Two Republican Commissioners

Peirce's exit removes the SEC's most consistent internal advocate for accommodating crypto, and leaves the agency with just two commissioners — both Republicans — at a moment when the White House has yet to name a replacement. That matters less for any single policy than for the institutional dynamics: a two-member commission can still function, but the crypto task force she led loses its most visible champion, and the balance of internal debate narrows. The open question is who fills the seat and whether the task force's posture survives the transition.