作者：莉迪娅·贝尤德赫斯特·皮尔斯有时是华盛顿最重要的市场监管机构内部唯一主张接纳数字资产的声音。
By Lydia Beyoud Hester Peirce was at times a lonely voice pushing for an embrace of digital assets from the inside of Washington’s foremost markets regulator.
在担任美国证券交易委员会委员八年后，她如今即将转赴学术界。她仍是特朗普政府数字资产监管路线的重要塑造者。
Now leaving for a role in academia after an eight-year stint as a commissioner at the Securities and Exchange Commission, Peirce stands as a key architect of the Trump administration’s approach to digital asset regulation.
任职期间，她秉持自由意志主义理念，主张投资者可以自行决定资金投向并承担相应风险。自2025年1月起由她领导的该机构加密资产工作组，已发布大量解释文件、指导意见和不行动函，推动了数字资产的发展。
During her tenure, she brought a libertarian-minded viewpoint to allowing investors to take risks in deciding how to invest their money. The agency’s Crypto Task Force, which she has led since January 2025, has issued numerous interpretations, guidance and no-action letters that has accelerated the growth of digital assets.
美国证券交易委员会主席保罗·艾金斯本周早些时候的一次委员会会议上谈到皮尔斯推动政策制定的工作时说：“我很高兴能够说，我们确实正在将这些原则和理念付诸实践，让投资者、创新者和美国经济从中受益。”
“I‘m very happy to be able to say that we are actually putting those principles and ideas into practice for the benefit of investors, innovators, and the American economy,” SEC Chairman Paul Atkins said of Peirce’s policymaking during a commission meeting earlier this week.
这些工作最终促成了 recently 出台的创新豁免规定，允许证券的数字版本在美国开始交易。由于美国证券交易委员会、白宫以及金融业大部分人士都在等待加密市场结构法案产生的影响，这项措施长期未能出台，而该法案上月最终在参议院受阻。
That work culminated in the recently-issued innovation exemption, which allows digital versions of securities to start trading in the US. The measure was long-delayed as the SEC, White House and much of the financial industry waited to see what would happen with a crypto market structure bill that ended up being blocked in the Senate last month.
皮尔斯说，多年前，数字资产行业亲切地称她为“加密妈妈”。她对数字资产行业持开放态度，是因为不愿将美国资本市场与数字资产创新隔离开来。
Peirce says her openness to the digital asset industry, which years ago affectionately dubbed her “Crypto Mom,” comes from a desire not to ring-fence US capital markets.
皮尔斯在宣布将卸任后的6月接受采访时说：“监管者确实需要愿意应对变化。他们应该把监管看作不是一成不变，而是能够容纳行业新进入者的机制。”她补充说，金融领域不断涌现的新产品和服务让行业保持活力，并最终为消费者带来福祉。
“Regulators really need to be willing to deal with change,” Peirce said in a June interview after she announced she was stepping down. “They need to look at regulation not as a static thing but something that accommodates new entrants to the industry.”New products and services in finance keep the industry dynamic, which ultimately serves consumers, she added.
即使在任职的最后几天，美国证券交易委员会（SEC）仍在推进加密货币相关措施。周四，该机构发布了一项提案，拟允许投资顾问托管数字资产。这一想法一直是传统金融界与加密货币社区之间的争议焦点。
The SEC continued to push out crypto measures even in her final days in the job. On Thursday, the agency issued a proposal that would allow investment advisers to custody digital assets. The notion has been a point of contention between traditional finance and the crypto community.
皮尔斯在谈及该提案的声明中表示：“由于缺乏关于加密资产应如何、在何处托管的明确规则，而且往往没有合格且可行的托管机构可供选择，投资顾问只能咬牙苦撑，希望这场监管‘过山车’能尽快以切实可行的托管规则收场。”
“Without clear rules about how and where crypto assets could be custodied and often without viable qualified custodians available, investment advisers have been gritting their teeth and holding on for dear life hoping the regulatory roller coaster will soon end in workable custody rules,” Peirce said in her statement about the proposal.
就在第二届特朗普政府任期接近过半之际，SEC正稳步加快更广泛的规则制定活动，涵盖从缩小披露范围到扩大零售交易者进入私募市场等多个领域。皮尔斯是该机构三名共和党成员之一，而该机构原本拟由两党人士共同组成一个五人委员会。她一直是上述提案的坚定支持者。
Her exit comes as the second Trump administration nears the half-way point, with the SEC steadily increasing its pace of broader rulemaking activity on everything from scaling back the scope of disclosures to expanding retail trader access to private markets. Peirce, as one of three Republicans at what is intended to be a bipartisan, five-member panel, has been a consistent supporter of those proposals.
她于周五离任后，SEC将只剩两名委员。本周早些时候，该机构发布了一项行政规则，允许其在仅有一名成员的情况下继续运作。
Her departure Friday leaves the SEC with just two members. Earlier this week, the agency issued an administrative rule allowing it to continue functioning with just one member.