TGIF調度員。在華盛頓特區的大理石大廳中，擁有耶魯大學學位的律師無視有關監管機構的傳統智慧。

他們稱她為“加密媽媽”，這是對這位女性的親切綽號，她成為一個不太可能在破壞中蓬勃發展的行業冠軍。

In the hallowed halls of Washington DC, a lawyer with a Yale degree is performing a feat of defiance.

在華盛頓特區的神聖大廳中，擁有耶魯大學學位的律師正在表演一項反抗的壯舉。

She's taking on an industry notorious for flouting authority - and, surprisingly, she's winning over its vast community in the process.

她以違規權威而臭名昭著的行業 - 令人驚訝的是，她在此過程中贏得了龐大的社區。

They call her "Crypto Mom" - an affectionate nickname for the woman who's become the unlikely champion of crypto.

他們稱她為“加密媽媽”，這是成為不太可能成為加密冠軍的女人的親切暱稱。

But if you're picturing a warm, fuzzy figure dispensing hugs and advice, think again.

但是，如果您想像一個溫暖，模糊的人物來分配擁抱和建議，請再考慮一下。

This is Hester Maria Peirce, SEC Commissioner and one of the Trump administration's few surviving appointees. And in the marble monoliths of Washington, loyalty counts for more than anything else.

這是SEC專員和特朗普政府少數倖存的任命人之一的Hester Maria Peirce。在華盛頓的大理石巨石中，忠誠度比其他任何事情都重要。

As the head of Trump's new Crypto Task Force, Peirce is perhaps the most powerful ally that crypto has in the American regulatory fortress.

作為特朗普新加密特遣部隊的負責人，皮爾斯也許是加密在美國監管堡壘中擁有的最強大的盟友。

"I'm not your mom," she once insisted in response to the nickname. Yet her protective stance toward innovation, over time, has earned her maternal status in a space desperate for allies.

“我不是你的媽媽。”她曾經對暱稱表示堅持。然而，隨著時間的流逝，她對創新的保護立場在對盟友的一個空間中贏得了孕產婦的地位。

How did a career bureaucrat become one of crypto's favourite government officials? And what does her rise tell us about the future of digital assets in America?

職業官僚如何成為加密政府最喜歡的政府官員之一？她的崛起告訴我們美國數字資產的未來？

Let's dive in.

讓我們潛水。

In a regulatory world often filled with bureaucratic conformists, Hester Maria Peirce stands apart.

在一個經常充滿官僚合格主義者的監管世界中，海斯特·瑪麗亞·皮爾斯（Hester Maria Peirce）分開了。

Not that she began her career as a revolutionary. Born in the early 1970s, Peirce followed a traditional path through prestigious institutions - graduating from Case Western Reserve University before earning her law degree from Yale in 1997.

並不是說她從事革命者的職業生涯。皮爾斯（Peirce）出生於1970年代初期，沿著著名的機構遵循了一條傳統的道路 - 從凱斯（Case Western Reserve）大學畢業，然後於1997年獲得耶魯大學的法律學位。

The blueprint was conventional: clerking for a federal judge, practising at WilmerHale, then joining the SEC in 2000 as a staff attorney in the Division of Investment Management.

藍圖是常規的：擔任聯邦法官的文員，在威爾默海爾（Wilmerhale）執業，然後於2000年加入SEC，擔任投資管理部門的員工律師。

In 2002, she became counsel to Commissioner Paul Atkins, a free-market advocate who emphasised market solutions over heavy-handed regulation. This mentorship proved formative in shaping her regulatory philosophy.

2002年，她成為自由市場倡導者保羅·阿特金斯（Paul Atkins）專員保羅·阿特金斯（Paul Atkins）的律師，他強調了市場解決方案而不是備受強制的監管。這種指導證明了塑造她的監管哲學的形成性。

"Too often, we as regulators jump in and say, I'm going to tell you what to do with your life," Peirce told DL News last year.

皮爾斯去年對DL新聞說：“作為監管機構，我們經常會說，我要告訴你如何處理您的生活。”

This sentiment - that government's role is to set fair boundaries, not make decisions for people - would become her North Star.

這種情緒 - 政府的作用是設定公平的界限，而不是為人們做出決定 - 將成為她的北極星。

After Atkins left the Commission in 2008, Peirce moved to Capitol Hill, serving as senior counsel for the Senate Committee on Banking, Housing, and Urban Affairs. Later, she spent nearly a decade at the Mercatus Center at George Mason University, where she researched and wrote extensively on financial regulation.

阿特金斯（Atkins）於2008年離開委員會後，皮爾斯（Peirce）移居國會山（Capitol Hill），擔任參議院銀行，住房和城市事務委員會的高級顧問。後來，她在喬治·梅森大學（George Mason University）的Mercatus中心度過了近十年的時間，在那裡她對金融監管進行了廣泛的研究和撰寫。

Get 17% discount on our annual plans and access our weekly premium features (HashedIn, Wormhole, Rabbit hole and Mempool) and subscribers only posts.

在我們的年度計劃中獲得17％的折扣，並訪問我們的每周高級功能（Hashedin，蠕蟲，兔子洞和Mempool），以及僅訂戶的帖子。

Upgrade to paid

升級到付款

In 2015, President Obama nominated her to the SEC - a bipartisan nod to her expertise despite ideological differences. The nomination stalled, but President Trump renominated her in 2017, and the Senate confirmed her in January 2018.

2015年，奧巴馬總統提名她參加SEC-儘管意識形態上的分歧，但兩黨對她的專業知識點頭。提名停滯了，但特朗普總統於2017年重命名，參議院於2018年1月確認了她。

The timing couldn't have been more significant for crypto. Bitcoin had just experienced its first major bull run, hitting nearly $20,000 before crashing. Initial Coin Offerings were proliferating, many running afoul of securities laws.

對於加密貨幣來說，時機本來不是更重要的。比特幣剛剛經歷了第一次大公牛跑步，在崩潰之前達到了近20,000美元。最初的硬幣產品正在激增，許多人違反了證券法。

The industry desperately needed regulatory clarity.

該行業迫切需要監管的清晰度。

Few expected that clarity would come from a bookish lawyer with no previous connection to blockchain technology.

很少有人期望清晰度會來自一位書本律師，該律師以前與區塊鏈技術沒有任何联系。

But as they say, never underestimate the power of a woman on a mission.

但是正如他們所說，永遠不要低估女性執行任務的力量。

The Dissenter

持不同政見者

Peirce's transformation into "Crypto Mom" began with a simple act: saying no.

皮爾斯（Peirce）轉變為“加密媽媽”（Crypto Mom）的轉變始於一個簡單的舉動：拒絕。

In July 2018, just months into her tenure, the SEC rejected a Bitcoin ETF application from the Winklevoss twins. While her colleagues voted to reject the proposal, Peirce issued a powerful dissent against them that reverberated through the crypto world.

在2018年7月，即任期僅幾個月後，SEC拒絕了Winklevoss Twins的比特幣ETF申請。當她的同事投票贊成拒絕該提案時，皮爾斯對他們在加密貨幣世界中迴盪的強有力的異議。

"If we were to approve the ETP at issue here, investors could choose whether to buy it or avoid it. The Commission's approach undermines investor protection by precluding greater institutionalisation of the Bitcoin market," she wrote.

她寫道：“如果我們在這裡批准ETP，投資者可以選擇是購買還是避免它。委員會的方法通過排除對比特幣市場的更大製度化來破壞投資者的保護。”

The crypto industry, desperate for allies in government, immediately embraced her. The nickname "Crypto Mom" was born - a moniker she initially resisted but eventually accepted with good humour.

絕望政府盟友的加密貨幣行業立即擁抱了她。暱稱“加密媽媽”出生了 - 她最初拒絕但最終以幽默感接受的綽號。

More dissents followed as SEC Chairman Gary Gensler pursued an aggressive enforcement strategy against the industry. When the SEC charged Kraken for its staking programme in 2023, Peirce's dissent was scathing.

SEC主席Gary Gensler遵循了更多的異議，採取了針對該行業的積極執法策略。當SEC在2023年指控Kraken參加其Straging計劃時，Peirce的異議正在嚴厲。

"Using enforcement actions to tell people what the law is in an emerging industry, is not an efficient or fair way of regulating," she wrote.

她寫道：“採用執法行動告訴人們新興行業的法律是什麼，這不是一種有效或公平的監管方式。”

Each dissent strengthened her connection with the crypto community. But it was her constructive proposals, not just her objections, that cemented her status as the industry's regulatory visionary.

每個異議都加強了她與加密貨幣社區的聯繫。但是，正是她的建設性建議，而不僅僅是她的反對意見，它鞏固了她作為行業監管有遠見的地位。

Safe Harbor and Beyond

安全港口及以後

In February 2020, while most regulators were still struggling to understand blockchain technology, Peirce unveiled her "Safe Harbor" proposal - a revolutionary framework for token offerings

2020年2月，雖然大多數監管機構仍在努力了解區塊鏈技術，但Peirce宣布了她的“安全港”提案 - 革命性的代幣產品框架