[ad_1]
In a new interview with host Peter McCormack, producer of crypto podcast What did Bitcoin doUS Security and Trade Commissioner Hester Peirce discusses the SEC's role with respect to Bitcoin and new products related to cryptography.
The US regulator, which recently cracked down on the EtherDelta crypto trading platform and cracked down on initial offerings of non-registered securities, has extended the deadline for its latest decision on a fully regulated Bitcoin ETF.
Earlier this year, the SEC rejected several Bitcoin ETF proposals.
Peirce, who issued a dissent in July after the SEC rejected Tyk's and Tycon ETF's Tyk and Cameron Winklevoss exchange of Gemini cryptocurrency, noted that the agency's lack of approval was detrimental to bitcoin market.
She wrote,
"In addition, I am concerned that the Commission's approach undermines investor protection by preventing greater institutionalization of the bitcoin market. Increased institutional involvement would resolve the Commission's concerns about the bitcoin market that underlies its disapproval decision. More generally, the Commission's interpretation and application of the statutory standard clearly shows that innovation is not well received in our markets, a signal that could have effects far beyond the fate of Bitcoin's FTEs. "
Since then, the agency has taken a long and deliberate approach to making its decision, badyzing public comments and meeting stakeholders, VanEck, Cboe and SolidX last month.
In an interview with McCormack on Nov. 20, Peter Peirce is concerned that the SEC is giving up its mandate not to hinder innovation.
"Our country relies on brilliant ideas from around the world because our financial markets are very deep. People want to come here because they can find the money to support these ideas. And I certainly hope that the United States will continue to be a center of innovation and a center of creative thought. I'm afraid if we send the message that it's too difficult to get through the regulatory DIY here, people will go to places where they say, "We're going to be a lot more open to innovation."
Join us on Telegram
Regarding comments on the possibility of a SECC-regulated Bitcoin ETF, Peirce says that it is difficult to predict timing and that users must let the regulatory process unfold.
According to Peirce,
"Things are getting more developed. So, I can not say that something is inevitable, but I can say that, given the time and energy invested in this area, I think it is quite possible that we can see products based on on crypto-currencies in our markets. "
Listen to the full interview on What Bitcoin Did
The Beat Crypto
VanEck, Cboe and SolidX plead in favor of ETF Bitcoin at a meeting with US Securities and Exchange Commission
Disclaimer: The opinions expressed in Daily Hodl do not constitute investment advice. Investors should exercise due diligence before making high-risk investments in Bitcoin, Cryptocurrency or digital badets. Please note that your transfers and transactions are at your own risk and that any loss you may incur is your responsibility. The Daily Hodl does not recommend buying or selling crypto-currencies or digital badets, and the Daily Hodl is not an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Discover the latest titles
[ad_2]
Source link
