TGIF调度员。在华盛顿特区的大理石大厅中，拥有耶鲁大学学位的律师无视有关监管机构的传统智慧。

他们称她为“加密妈妈”，这是对这位女性的亲切绰号，她成为一个不太可能在破坏中蓬勃发展的行业冠军。

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

在华盛顿特区的神圣大厅中，拥有耶鲁大学学位的律师正在表演一项反抗的壮举。

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

她以违规权威而臭名昭著的行业 - 令人惊讶的是，她在此过程中赢得了庞大的社区。

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

他们称她为“加密妈妈”，这是成为不太可能成为加密冠军的女人的亲切昵称。

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

但是，如果您想象一个温暖，模糊的人物来分配拥抱和建议，请再考虑一下。

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.

这是SEC专员和特朗普政府少数幸存的任命人之一的Hester Maria Peirce。在华盛顿的大理石巨石中，忠诚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.

作为特朗普新加密特遣部队的负责人，皮尔斯也许是加密在美国监管堡垒中拥有的最强大的盟友。

"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.

“我不是你的妈妈。”她曾经对昵称表示坚持。然而，随着时间的流逝，她对创新的保护立场在对盟友的一个空间中赢得了孕产妇的地位。

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?

职业官僚如何成为加密政府最喜欢的政府官员之一？她的崛起告诉我们美国数字资产的未来？

Let's dive in.

让我们潜水。

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

在一个经常充满官僚合格主义者的监管世界中，海斯特·玛丽亚·皮尔斯（Hester Maria Peirce）分开了。

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.

并不是说她从事革命者的职业生涯。皮尔斯（Peirce）出生于1970年代初期，沿着著名的机构遵循了一条传统的道路 - 从凯斯（Case Western Reserve）大学毕业，然后于1997年获得耶鲁大学的法律学位。

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.

蓝图是常规的：担任联邦法官的文员，在威尔默海尔（Wilmerhale）执业，然后于2000年加入SEC，担任投资管理部门的员工律师。

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，她成为自由市场倡导者保罗·阿特金斯（Paul Atkins）专员保罗·阿特金斯（Paul Atkins）的律师，他强调了市场解决方案而不是备受强制的监管。这种指导证明了塑造她的监管哲学的形成性。

"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.

皮尔斯去年对DL新闻说：“作为监管机构，我们经常会说，我要告诉你如何处理您的生活。”

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

这种情绪 - 政府的作用是设定公平的界限，而不是为人们做出决定 - 将成为她的北极星。

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）于2008年离开委员会后，皮尔斯（Peirce）移居国会山（Capitol Hill），担任参议院银行，住房和城市事务委员会的高级顾问。后来，她在乔治·梅森大学（George Mason University）的Mercatus中心度过了近十年的时间，在那里她对金融监管进行了广泛的研究和撰写。

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在我们的年度计划中获得17％的折扣，并访问我们的每周高级功能（Hashedin，蠕虫，兔子洞和Mempool），以及仅订户的帖子。

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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，奥巴马总统提名她参加SEC-尽管意识形态上的分歧，但两党对她的专业知识点头。提名停滞了，但特朗普总统于2017年重命名，参议院于2018年1月确认了她。

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.

对于加密货币来说，时机本来不是更重要的。比特币刚刚经历了第一次大公牛跑步，在崩溃之前达到了近20,000美元。最初的硬币产品正在激增，许多人违反了证券法。

The industry desperately needed regulatory clarity.

该行业迫切需要监管的清晰度。

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会来自一位书本律师，该律师以前与区块链技术没有任何联系。

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

但是正如他们所说，永远不要低估女性执行任务的力量。

The Dissenter

持不同政见者

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

皮尔斯（Peirce）转变为“加密妈妈”（Crypto Mom）的转变始于一个简单的举动：拒绝。

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，即任期仅几个月后，SEC拒绝了Winklevoss Twins的比特币ETF申请。当她的同事投票赞成拒绝该提案时，皮尔斯对他们在加密货币世界中回荡的强有力的异议。

"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.

她写道：“如果我们在这里批准ETP，投资者可以选择是购买还是避免它。委员会的方法通过排除对比特币市场的更大制度化来破坏投资者的保护。”

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.

绝望政府盟友的加密货币行业立即拥抱了她。昵称“加密妈妈”出生了 - 她最初拒绝但最终以幽默感接受的绰号。

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遵循了更多的异议，采取了针对该行业的积极执法策略。当SEC在2023年指控Kraken参加其Straging计划时，Peirce的异议正在严厉。

"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.

她写道：“采用执法行动告诉人们新兴行业的法律是什么，这不是一种有效或公平的监管方式。”

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.

每个异议都加强了她与加密货币社区的联系。但是，正是她的建设性建议，而不仅仅是她的反对意见，它巩固了她作为行业监管有远见的地位。

Safe Harbor and Beyond

安全港口及以后

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，虽然大多数监管机构仍在努力了解区块链技术，但Peirce宣布了她的“安全港”提案 - 革命性的代币产品框架