An agency that exercises powers the American people never gave it forfeits the consent on which its legitimacy rests. That conviction ran through the farewell remarks SEC Commissioner Hester M. Peirce delivered on June 9, 2026, at the U.S. Chamber of Commerce Capital Markets Summit in Washington, D.C. After nearly 30 years in Washington, Peirce is leaving the SEC and the city, and she used the occasion to make the case that the government should be “a referee, not a player, on the capital markets field.” Beyond restating first principles, the speech identified unfinished business with direct consequences for fund managers: constitutional doubt about Rule 206(4)‑5 under the Investment Advisers Act of 1940; a change of heart on whether Rule 206(4)-8 can reach merely negligent conduct; criticism of the expansion of Form PF; and the limits the U.S. Supreme Court placed on disgorgement in its June 4, 2026, decision in Sripetch v. SEC. This article distills her remarks. For coverage of prior Peirce speeches, see “SEC Commissioner Peirce Shares Views on Personal Liability for CCOs” (Nov. 5, 2020); “SEC Officials Clarify the Commission’s Stance on ESG Investing and the Role of Disclosure” (Oct. 15, 2020); “SEC Commissioner Peirce Discusses Enforcement Efforts and Reforms” (Feb. 20, 2020); and “The Power of ‘No’: SEC Commissioner Peirce on Enforcement as Last Resort” (Jun. 21, 2018).