Peirce’s Ironic NFTs Highlight Tensions Between Crypto and Regulation

Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC) known for her strong support of the cryptocurrency sector, has revealed her intention to remain active in the non-fungible token (NFT) arena after her term. During a Coin Center gathering on September 25, 2025, Peirce playfully shared her idea for a satirical NFT series called The Dog’s Breakfast, which will include characters that parody different personalities and trends within the crypto community. Her comments highlighted both a shift in the SEC’s approach to digital asset regulation and her ongoing dedication to promoting transparency in crypto policies.

Nicknamed “Crypto Mom” for her push for fair crypto oversight, Peirce mentioned that although her SEC term concluded in June 2025, she could continue serving until a successor is appointed or the next congressional session starts. In her address, she joked about possible post-SEC pursuits, such as beekeeping or running a “casual wear T-shirt exchange,” before settling on her “Plan NFT.” She described the collection as a playful take on notable figures and stereotypes in the crypto space, including regulators, developers, and skeptics. Characters like “CryptoMom,” “T-Squared (Terrified TradFi),” and “HyperTyper” were introduced as humorous reflections of industry trends, regulatory hurdles, and speculative tendencies.

A major focus of Peirce’s speech was the SEC’s changing perspective on cryptocurrency. She criticized the agency’s previous emphasis on enforcement actions during Gary Gensler’s leadership, arguing that it hindered progress. “Throughout much of my time here, I couldn’t persuade my colleagues in government to give you a fair shot,” Peirce remarked, referencing the SEC’s enforcement-heavy strategy. She pointed to recent changes, such as the agency’s move toward clearer rules and the creation of a crypto task force under her guidance. This group, she explained, is working to craft policies that protect investors while encouraging industry advancement, marking a shift from earlier methods.

Peirce also addressed the SEC’s latest legal and regulatory changes. The commission has recently dropped several long-running enforcement actions against crypto businesses and is now prioritizing the development of digital asset guidelines, including the possible approval of exchange-traded funds (ETFs). Observers see these steps as signs of a more flexible regulatory stance, especially since Gensler’s exit in January 2025. An upcoming U.S. Senate bill on market structure is also expected to further define the SEC’s responsibilities in crypto oversight, according to reports from CoinCentral and Cryptopolitan.

While her remarks were lighthearted, Peirce stressed that clear regulations are crucial for the industry’s future. “We’ve had regulatory uncertainty for far too long,” she said, encouraging innovators and business leaders to create solutions that improve financial access and security. Her statements reflect recent developments, such as the SEC’s willingness to consider crypto ETF approvals and its partnerships with industry players to clarify how securities laws apply to digital assets.

Industry experts and participants have taken Peirce’s statements as an indication that the SEC’s regulatory transformation is ongoing. The agency’s recent decisions—like ending enforcement cases and opening discussions with crypto companies—demonstrate a practical approach to balancing new technology with investor protection. Peirce’s NFT initiative, though humorous, also symbolizes the intersection of regulatory authority and the decentralized spirit of crypto, illustrating the ongoing push and pull between formal oversight and grassroots innovation.