Regulator Hester Peirce , known to many in the digital-asset industry as “ Crypto Mom ,” has a message for her fans: be more patient. Speaking on Bloomberg’s Trillions podcast, Peirce urged those waiting for another round of approvals on crypto-related exchange-traded products — or for broader regulatory clarity — to realize that, as she put it, “there’s a lot going on.” During her time as a commissioner at the US Securities and Exchange Commission, Hester Peirce has often been a dissenting voice—especially on all things crypto. Now, as she approaches the official end of her term, her legacy may include an SEC that’s more aligned with the positions she championed.On this episode of Trillions, Eric Balchunas and Joel Weber—along with stacy-marie ishmael, head of cross-asset and crypto coverage for Bloomberg News—interview Peirce at the SEC’s offices in Washington.

Peirce discusses her search for “crypto clarity,” why “merit” doesn’t matter and how the SEC will evaluate the 80-plus crypto-themed exchange-traded fund filings—including ones involving Trump. She also discusses the “terribly mismanaged” process for Bitcoin ETFs and other hot topics including private assets and share classes.