Crypto Task Force Tour Continues as Hester Peirce Denies Endorsing OpenVPP

• The SEC’s Crypto Task Force is traveling across the U.S. to engage with crypto companies.
• OpenVPP CEO Parth Capadia attended a roundtable in Chicago.
• SEC commissioner Hester Peirce has distanced herself from the company after it claimed to be “working alongside” her.

After OpenVPP claimed it was “working alongside” the Securities and Exchange Commission’s (SEC) Hester Peirce, the Commissioner stepped in to clarify that although she met with the project team, that doesn’t signal an endorsement.

The distinction is crucial as Peirce lead’s SEC’s Crypto Task Force on a cross-country tour to meet with industry stakeholders.

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SEC Crypto Task Force Hits the Road

Starting Aug. 4, the SEC’s Crypto Task Force has been traveling to cities across the U.S. to engage with crypto companies.

With stops scheduled in Chicago, Los Angeles, New York City, and seven other locations, the Task Force tour follows a series of roundtables in Washington, D.C., attended by key industry players.

“The Crypto Task Force wants to hear from those who weren’t able to travel for the roundtables, and from voices that may have been historically underrepresented in other policymaking efforts,” an announcement in August stated.

Commissioner Pierce is “particularly interested in hearing from representatives of crypto-related projects that have 10 or fewer employees and are less than two years old,” it added.

OpenVPP Overstates Hester Peirce Meeting

In an X post on Monday, Sept. 15, OpenVPP shared a photo of CEO Parth Capadia standing next to Pierce, presumably at the Task Force’s scheduled stop in Chicago that day.

“Excited to announce that we are working alongside [Commissioner Pierce] and the U.S. Securities Exchange Commission on the Tokenization of Energy,” the post stated.

Pierce responded that although she welcomes “the chance to meet with crypto projects […] I do not ‘work alongside’ or endorse private crypto projects or firms.”

Pierce’s comment reflects the position expressed on the SEC website, which states :

“An invitation to participate in a Crypto on the Road roundtable does not serve as an endorsement of the project or any affiliate(s) of the project. The SEC does not endorse or sponsor any particular securities, issuers, products, services, professional credentials, firms, or individuals.”

What Next for the Crypto Task Force?

According to the SEC’s register of meetings, over 300 private companies, universities, non-profits, policy groups, and law firms have engaged with the Crypto Task Force since February.

The register reads like a who’s who of the American crypto sector, with representatives from Coinbase, Robinhood, Kraken, and other high-profile industry players attending meetings.

As intended, Crypto on the Road roundtables have mostly attracted smaller projects and startups.

For instance, alongside OpenVPP, executives from 0xMiden, XKOVA, and PawChain attended the Chicago event.

The tour is next scheduled to meet industry representatives in New York City on Sept. 25. Stops in Los Angeles, Cleveland, and Scottsdale, Arizona, are set to take place in October.