Golden Finance reported that according to The Block, investment bank TD Cowen released a research report stating that Hester Peirce, the new head of the U.S. Securities and Exchange Commission’s (SEC) encryption working group, will expire in June 2025, which may affect the sustainability of the working group. . SEC Acting Chairman Mark Uyeda announced the establishment of the working group the day after Trump took office to develop a comprehensive regulatory framework for the encryption industry. Jaret Seiberg, head of TD Cowen's Washington research group, said that according to SEC regulations, the chairman and committee members can extend their terms for up to 18 months after the end of their terms. Peirce, known as the “crypto mom,” has long supported crypto innovation, and this time the working group received support from Uyeda and Atkins.