On May 8, 2026, SEC Commissioner Hester Peirce characterized cryptocurrency as part of a broader shift in retail trading, encompassing exchange-traded funds (ETFs), options, prediction markets, and perpetual futures. Speaking at the 13th Annual Financial Market Regulation Conference, the commissioner urged regulators to understand the evolving market activity before deciding whether to respond. Peirce noted that retail activity remains high even after the trading surge during the COVID-19 era. Investors now trade cryptocurrencies, gold, silver, perpetual futures, and active ETFs through more user-friendly interfaces. She also pointed to AI bots and new technologies that enable the market to go beyond traditional trading models. Many assets are not securities, she said, but still fall into ETF structures. According to Peirce: "Retail investors love trading all these asset classes and more, including cryptocurrencies, gold, silver, and perpetual futures."