Hester Peirce, 'Crypto Mom', Resigns from SEC, Joins Regent University

Hester Peirce, the SEC commissioner who earned the nickname “Crypto Mom” for her persistent push toward friendlier digital asset regulation, is stepping down from the agency on October 2. She will join Regent University School of Law as an associate professor in November, teaching courses on securities regulation and digital assets.

Her departure closes out nearly nine years at the commission and leaves the SEC operating with just two of its five seats filled. Peirce was first appointed by President Donald Trump and took her seat on January 11, 2018. She was confirmed for a second term in 2020, though that term technically expired on June 5, 2025. SEC rules allow commissioners to serve in a holdover capacity for up to 18 months after their term lapses, which is exactly what she did.

Peirce led the SEC’s Crypto Task Force, an effort aimed at developing a more coherent framework for how digital assets should be treated under securities law. Her proposals included safe harbor periods for token projects, essentially giving startups time to decentralize before facing the full weight of securities regulations. More recently, she expressed interest in privacy-preserving technology and market structure reforms.

With Peirce gone, the SEC drops to two seated commissioners: Chairman Paul Atkins and Commissioner Mark Uyeda. Both are Republicans. The commission is designed to have five members with no more than three from the same political party, a structure meant to ensure bipartisan oversight of the nation’s securities markets. Two commissioners is the bare minimum for a quorum, which means the SEC can technically still function. Any disagreement between Atkins and Uyeda on a proposed rule or enforcement action could create an immediate deadlock with no tiebreaker available.

Filling empty SEC seats requires presidential nomination and Senate confirmation. The current vacancy situation, with three open seats, suggests the commission could be operating in reduced mode for months.

Chairman Atkins has signaled his own interest in developing workable crypto frameworks, and Uyeda has generally aligned with Peirce on the need for regulatory clarity over enforcement-by-ambush. However, losing the commissioner who personally shepherded the agency’s crypto task force removes the most experienced and publicly committed advocate for that approach. Her move to Regent University keeps her in the conversation, as she will continue shaping how the next generation of securities lawyers thinks about crypto regulation.