Crypto Mom’s NFT ‘Dog’s Breakfast’ Roasts Regulatory Chaos

Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC) and a vocal advocate for crypto innovation, has humorously outlined her post-SEC plans to create a non-fungible token (NFT) collection. Speaking at a Coin Center event on September 25, 2025, Peirce—affectionately dubbed “Crypto Mom” for her dissenting stances on regulatory enforcement—joked about transitioning from beekeeping to NFT creation, citing her frustration with her own ineptitude in apiculture Bees, Ts, and NFTs: Remarks at the Coin Center Dinner - SEC.gov^[1]. Her proposed NFT collection, titled The Dog’s Breakfast, will feature satirical characters representing figures in the crypto ecosystem, including herself as a “bespectacled techno-incompetent” navigating the industry’s policy challenges Bees, Ts, and NFTs: Remarks at the Coin Center Dinner - SEC.gov^[1].

Peirce’s remarks underscored her broader advocacy for regulatory clarity in digital assets. She highlighted the SEC’s historical ambiguity in defining NFTs, referencing a 2023 enforcement action against the Stoner Cats NFT project and contrasting it with the agency’s recent acknowledgment that most digital assets are not securities Bees, Ts, and NFTs: Remarks at the Coin Center Dinner - SEC.gov^[1]. The commissioner also criticized the SEC’s enforcement-driven approach under former Chair Gary Gensler, emphasizing the need for a framework that balances innovation with investor protection Bees, Ts, and NFTs: Remarks at the Coin Center Dinner - SEC.gov^[1].

The proposed NFT collection includes caricatures of crypto stakeholders, such as T-Squared (a traditional finance professional lobbying for regulatory inaction) and HyperTyper (a basement-based trader oscillating between crypto enthusiasm and frustration). Peirce also mocked regulatory overreach with characters like BanMan, who advocates for crypto bans, and Lost-in-Law, a lawyer offering costly but unhelpful advice to crypto founders Bees, Ts, and NFTs: Remarks at the Coin Center Dinner - SEC.gov^[1]. These depictions reflect her critique of the sector’s regulatory and cultural dynamics, blending humor with pointed commentary.

While Peirce clarified that her NFT project is a joke, her speech signaled a shift in the SEC’s approach to digital assets. Since January 2025, the agency has moved away from aggressive enforcement, with Peirce leading a Crypto Task Force aimed at crafting clearer guidelines. Recent actions include dropping lawsuits against crypto firms and issuing statements on meme coins and stablecoins that exclude certain assets from securities definitions SEC's Hester Peirce Jokes About her ’Crypto Mom’ NFT Plan - Coin Telegraph^[2]. This pivot has been welcomed by industry participants, though Peirce acknowledged that regulatory clarity remains a work in progress.

In closing, Peirce expressed regret for her past inability to sway SEC colleagues to support crypto innovation and urged industry leaders to leverage the current regulatory environment to build solutions that enhance financial inclusion and technological resilience Bees, Ts, and NFTs: Remarks at the Coin Center Dinner - SEC.gov^[1]. Her remarks, while laced with humor, reinforced her commitment to fostering a crypto ecosystem that prioritizes both creativity and accountability.