Bitcoin ETF: SEC Commissioner Peirce advertises for approval
Home News Bitcoin ETF: SEC Commissioner Peirce advertises for approval
Marcus Misiak –
In a new speech about Innovation and entrepreneurship at the University of Missouri School of Law, the SEC-Commissioner Hester Peirce explained that the U.S. securities and exchange Commission owes it to the investors in a Bitcoin ETF investing. The recent speech by Peirce underlines again that she is working with her colleagues, are still intensive in a Bitcoin ETF approval and in a crypto-friendly regulation of crypto-currencies.
After a few days ago, the public became Interview of the Commissioner of the Securities and Exchange Commission (SEC), Robert J. Jackson, in which he shared his thoughts about the fact that a Bitcoin is admitted to the ETF, “someday”, now the Commissioner Hester Peirce on the topic expressed. Peirce, one of four SEC Kommisaren received in the past year, the title of “CryptoMom” after she had spoken out against the decision of the SEC, the approval of the Winklevoss Bitcoin ETFs decline.
In the speech on the topic of “First Principles of Optimal Regulation” was Peirce again a few critical words to their SEC colleagues, and encouraged enthusiasts in order for the Crypto. Peirce said, Essentially, that the SEC runs the risk to act, unknowingly, as an investment Advisor to limit, rather than to take into account issues such as the fair Functioning of the crypto market and the protection of investors:
The interest in exchange-traded products on the Basis of Bitcoin or other crypto-currencies is also large. As I’ve mentioned in the past, I am concerned that our approach to borders in relation to such products on a performance-based regulation, which means that we replace our own judgement of the potential investors for these products. We give investors the accusation, to blindly jump on everything that is referred to as a crypto, but sometimes we seem to be as well impulsive, especially what is referred to as crypto, to run away. We owe it to the investors to be careful, but we don’t owe it to you to define your investment universe with our preferences.
Your speech is consistent with the known information, the majority decision ended against a Bitcoin ETF last the Winklevoss ETF 3:1 votes. Peirce also explained what is necessary to achieve progress in the regulation. The regulation requires, in their opinion, a greater understanding of the technology and the market. According to Peirce, this could be done by the SEC pursued a more proactive approach, by giving himself minimal Supervisory powers to study the market surveillance and the functioning of the crypto currency exchanges:
Our interactions with crypto-currencies are not only limited to questions of regulation of the Token-sales and disclosures. Closely connected with the question of whether tokens are securities, is the question of how the platforms on which the token trade should be governed. Some of these platforms want to register with us, and I am anxious to make progress in this regard. There are features of crypto-trading platforms, which may differ from the stock exchanges or alternative trading systems for traditional securities. In order to determine how the regulation could change to take account of these Differences, we need to improve our understanding of the functioning of the platforms.
The full speech can be read here.