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FollowingSEC Commissioner Hurst Pierce formally submits her resignation
According to a letter posted by Hester Peirce on her X account, she has formally submitted her resignation application to the U.S. Securities and Exchange Commission (SEC). The resignation will take effect on October 2.
Pierce is widely known as the "Crypto Mom" for actively promoting digital currency regulatory policies based on clear rules. In her statement, she said it was "the greatest honor of her career" to serve as a member and expressed her gratitude for the experience. In the same message, she noted that she was leaving the agency under Chairman Paul Atkins and Commissioner Mark Uyeda, the only remaining Republican members of the five-member committee. [TAG
Key Points
- Effective date of resignation: Pierce's resignation will take effect Oct. 2, marking the end of her roughly eight-year tenure with the SEC.
- Concurrent role: She also served as head of the SEC Crypto Task Force, a position she held since February 4, 2025.
- Term of office: Her term as a commissioner expired in June 2025, but a commissioner may continue to serve for up to approximately 18 months unless a successor is appointed earlier, in accordance with SEC rules.
- Policy shift: Since Trump took office in January 2025, the SEC's position on cryptocurrencies has changed, including reducing enforcement actions in certain crypto matters.
- Future direction: Pierce is expected to move into academia, previously reported to have linked him to a position as associate professor at Reagan University Law School in Virginia.
Separation after an "expired but extendable" term
Pierce's resignation follows the transition period of his formal SEC tenure. Although her term as a commissioner was originally scheduled to end in June 2025, SEC rules allow members to continue serving for up to approximately 18 months without being replaced.
Pierce served on the committee for approximately eight years. Later in her service, she assumed an operational role that was more directly related to digital asset policy. According to the designation letter issued by the SEC, starting from February 4, 2025, Pierce will serve as the head of the SEC's Crypto Task Force.
Pierce's legacy of SEC crypto policy
The SEC Crypto Task Force focuses on how existing securities laws should apply to digital assets and decentralized systems. As head, Pierce is at the heart of the agency's handling of these issues.
It was previously reported that in June this year, Pierce argued that releasing open source code should not automatically subject software developers to federal securities laws-an issue that has been debated for years, especially in the context of decentralized finance (DeFi), the issue of liability is particularly complex when code is publicly available.
她的做法与SEC领导层公开描述的监管方向大体一致。SEC主席保罗·阿特金斯曾表示，过度依赖执法的监管是“通过执法进行监管”（regulation by enforcement），这反映了监管重点的转变：从先追究违规再厘清边界，转向先明确规则。
委员会格局变化及空缺席位的可能延迟填补
皮尔斯的离职可能会影响SEC在加密相关监督方面的人员构成变化速度。她留下的席位可能不会立即得到填补。
由于卡洛琳·克伦肖（Caroline Crenshaw）——皮尔斯的前任委员——于1月离职（比其任期结束晚了约18个月），SEC目前已少一名成员。据报道，特朗普总统尚未提名候选人来填补克伦肖的空缺。
随着皮尔斯于10月2日辞职，在新任命获得确认之前，委员会将继续由剩下的两名共和党成员阿特金斯和尤耶达主导。
下一步：预计进入法学院任教
皮尔斯的下一步似乎是在学术界。此前报道指出，她计划于今年11月加入弗吉尼亚州里根大学法学院担任副教授。该校预计她将帮助加强在联邦诉讼、证券监管和数字资产等领域的学术覆盖。
这一转变对该行业意义重大，因为皮尔斯一直是SEC中最引人注目的倡导者之一，主张建立更有结构的监管清晰度——她经常强调，市场参与者从更清晰的规则中受益，而非事后执法。
为何她的辞职对加密社区至关重要
皮尔斯的离职正值SEC加密战略发生变化的时刻。据报道，自2025年1月特朗普就职以来，SEC减少或撤销了一些涉及加密公司的执法行动和调查，其中包括与特朗普及其家族有关的事项。更广泛的含义是，数字资产的合规性可能越来越取决于监管机构是否提出可测试的预期，而不是主要依靠执法来界定边界。
随着皮尔斯同时以委员和加密特别工作组负责人的身份离开，投资者、开发者和交易所很可能会密切关注新任领导层将为SEC的去中心化系统、开发者责任和披露带来何种新的内部方法。下一阶段政策的关键问题是，SEC是否会保持朝着更清晰指导的方向发展，同时在认为发生违规行为时仍执行证券法。
读者应关注两个近期的发展动态：一是SEC是否会迅速任命皮尔斯的继任者；二是在任何未来公共监管信号出台之前，加密特别工作组的工作在新领导层下将如何演变。
