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SEC的赫斯特·皮尔斯辞职：‘加密之母’时代的终结

2026-09-26 20:30:32

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泰勒斯·皮尔斯在证券交易委员会的遗产

2026年10月2日，美国证券交易委员会（SEC）委员泰勒斯·皮尔斯（Hester Peirce）的任期将正式结束。这位因积极倡导数字资产而被称为“加密妈妈”（Crypto Mom）的委员，自2025年2月起领导SEC的加密任务小组。随后，她将转任弗吉尼亚州Regent大学法学院副教授。随着她的离任，SEC将仅剩下两名委员：保罗·阿特金斯（Paul Atkins）和马克·尤耶达（Mark Uyeda）。

皮尔斯宣布离开美国证券交易委员会，2026年10月2日将是她在该机构的最后一天。周五，皮尔斯在X平台（原推特）上发布了她的辞职信，结束了她近八年的委员生涯。T minus 7 pic.twitter.com/LrudEdFcKG—— Hester Peirce (@HesterPeirce) 2026年9月25日

在整个加密货币领域，她因坚持不懈地倡导建立透明监管框架以规范数字货币，而赢得了“加密妈妈”这一亲切称号。在她的任期内，皮尔斯与多位SEC主席共事，包括共和党人杰伊·克莱顿（Jay Clayton）和民主党人加里·根斯勒（Gary Gensler），这两人均以对加密货币市场采取激进执法策略而闻名。

在唐纳德·特朗普总统的领导之下，她影响监管方向的机会得到了扩展，因为她于2025年2月4日接管了SEC新成立的加密任务小组。在领导该任务小组期间，皮尔斯主导了涵盖众多加密主题的指导方针制定工作，包括挖矿运营、质押机制以及模因代币（Meme Tokens）。她对开发各类数字资产的分类框架做出了重大贡献，确立了监管机构之间更清晰的管辖权界限。

委员会随后朝着全面规则制定的方向迈进。一项显著成就是《加密资产法规》（Regulation Crypto Assets），它为代币发行建立了程序，同时避免了严格的证券注册要求。另一项重要举措涉及“创新豁免”，该举措建立了一个框架，允许通过为期五年的试点项目进行证券代币化。

在离职信中，皮尔斯强调了个人自由与监管监督之间的微妙平衡，指出培养交易信心是监管者的根本责任。皮尔斯最初在2019年的一次演讲中提到了她的“加密妈妈”称号，当时她挑战了SEC偏好以执法为导向的监管，而非主动提供监管清晰度的做法。

SEC随公告发布最新指导方针

In conjunction with Pierce's resignation announcement, the SEC issued additional guidance on Friday to address issues regarding the classification of crypto assets. The document examines when token promotions or software modifications may constitute a "basic management effort"-a criterion the SEC uses when determining securities classification. In addition, the guidelines also address the issue of "pledged receipt tokens" and clarify under what circumstances the secondary market may be identified as an "issuer" within the framework of investment contracts.

With Pierce's departure, the committee has only two members: Chairman Paul Atkins and Commissioner Mark Yueda, both of whom are affiliated with the Republican Party. Under SEC rules, two members form a quorum, allowing the agency to continue to operate despite the reduction in staffing. President Trump has yet to designate a Democratic candidate to fill the vacant commissioner positions. Former Democratic Commissioner Caroline Crenshaw left her post in January.

Pierce's official term ends in June 2025, but according to regulations, members can continue to serve for approximately 18 months after the end of the term until a successor is in place. After leaving the SEC, Pierce will join the Regent University School of Law in Virginia as an associate professor in November. The school said it will offer courses focusing on federal litigation and securities regulation and include digital asset research in its syllabus.

自2025年1月特朗普就职以来，SEC大幅改变了其加密执法立场，撤销了许多针对数字资产公司的调查和执法程序。皮尔斯此前曾讨论过去中心化金融背景下开发人员的问责制问题，她认为发布开源代码不应使开发人员受到联邦证券法规的约束。她的立场与SEC更广泛的机构变革保持一致，阿特金斯主席将这种转变描述为放弃“以执法进行监管”的做法。

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