‘Fear of the Unknown’ Caused SEC To Delay Bitcoin ETF Approvals, Says Commissioner Hester Peirce
U.S. Securities and Trade Fee (SEC) official Hester Peirce sees the delayed approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) as “squandered time.”
In a brand new interview with Natalie Brunell, Peirce, one of many SEC’s 5 appointed commissioners, says the regulator ought to mirror on what she argues had been errors within the approval course of.
“This has perplexed me for a few years now, as a result of I take a look at the requirements that we now have and I say, ‘Look, if a product meets the requirements, it doesn’t actually matter whether or not we just like the underlying.’ The innovation with exchange-traded merchandise is [they] deliver buyers entry to a variety of property – securities and non-securities – by way of this automobile, which is a securities automobile, and that implies that it’s simpler for them to have of their portfolios. Maybe it makes it simpler for lots of people to work together with an asset if it’s in that wrapper.
I perceive that Bitcoin was a brand new factor – was a brand new factor. And so it took a while for the company to get its arms round it, however actually that isn’t the query that we must be asking after we’re approving these exchange-traded merchandise. It’s about how the product itself will commerce. And so I believe it’s only a little bit of worry of the unknown.”
The SEC accredited 11 spot Bitcoin ETFs final week after rejecting functions for years. The regulator did, nonetheless, greenlight Bitcoin futures ETFs again in 2021.
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