Bitcoin News and Finance
US SEC Commissioner Says Bitcoin ETF Approval Long Overdue Skip to main content

US SEC Commissioner Says Bitcoin ETF Approval Long Overdue

SEC Commissioner Says Bitcoin ETF Approval Long Overdue

SEC Commissioner Hester Peirce says that the regulator should have approved a bitcoin exchange-traded fund (ETF) in the U.S. a long time ago. She emphasized that it is not the SEC’s job to approve or reject applications based on the merits of the underlying investment itself. “People should make their own decisions” whether to buy bitcoin, said the commissioner.

SEC Commissioner Wants Bitcoin ETF Approved

A commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, talked about the prospects of the SEC approving a bitcoin exchange-traded fund (ETF) in an interview with CNBC on Thursday. Peirce is also known in the crypto circle as “crypto mom.”

The SEC has yet to approve a bitcoin ETF. However, the industry is hopeful that things will change this year since the SEC has a new chairman, Gary Gensler, who taught crypto and blockchain courses at the Massachusetts Institute of Technology (MIT). Commissioner Peirce described:

I thought that if we had applied our standards as we have applied them to other products, we would already have approved one or more of them. With each passing day, the rationale that we have used in the past for not approving seems to grow weaker.

The commissioner has previously stated that she sees a double standard at the SEC when it comes to bitcoin products. She explained that the SEC is asking exchanges and would-be bitcoin ETF sponsors for more assurances than what it asks for traditional, equity-based products.

“People of a regulatory mindset, when they encounter something new like this, say, ‘Oh, wait a minute: The market for bitcoin looks a bit different than the markets we’re used to,'” Peirce opined. She disagreed with the SEC’s decision to reject a bitcoin ETF application by the Winklevoss twins back in 2018.

Noting that the bitcoin market now looks more like an established market that has more participation from institutional and mainstream retail investors, Peirce remarked:

I think the markets have matured quite a bit.

In May, Peirce said, “We’re seeing more interest coming from institutional quarters than we have in the past. I think that will continue … as people are looking to diversify their portfolios, I think people are also likely to look more to the crypto space.”

Peirce is not alone. Investment banks and fund managers are seeing the same trend and a growing number of them have begun investing in bitcoin or offering crypto services to clients, including Goldman Sachs, Morgan Stanley, and Citigroup.

The commissioner emphasized that it is not the SEC’s job to approve or reject applications based on the merits of the underlying investment itself, especially if exchanges are meeting statutory requirements for protecting investors from fraud.

Pointing out that “Bitcoin now is so decentralized. The number of nodes that are involved in Bitcoin is large, and the number of people who have an interest in keeping that work decentralized is very large,” Commissioner Peirce concluded:

People should make their own decisions: If people don’t want to buy bitcoin because they think it’s manipulated, they shouldn’t buy bitcoin.

Do you think the SEC will finally approve a bitcoin ETF this year? Let us know in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory