In a new interview with host Peter McCormack, producer of crypto podcast What did Bitcoin doHester Peirce, US Commissioner for Security and Trade, describes 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 unlisted 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 had voiced disagreement in July after the SEC had rejected Cameron's Bit and Tycon proposal for the ETF from Cameron and Winklevoss on the Gemini cryptocurrency swap, had then pointed out that the lack of credit for the exchange of cash and cash equivalents was a major factor. Approval of the agency was hurting the Bitcoin market.
"In addition, I am concerned that the Commission's approach undermines investor protection by preventing greater institutionalization of the bitcoin market. Increased institutional participation 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 indicates that innovation is not welcome in our markets, a signal that could have effects far beyond the fate of Bitcoin ETPs. .
Since then, the agency has taken a long and deliberate approach to making its decision, analyzing 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 fear that if we send the message that it is too difficult to get through the regulatory DIY, people will go to places where they say to themselves, "We will be much more open to innovation."
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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's quite possible that we can see products based on on crypto-currencies in our markets. "
Listen to the full interview on What Bitcoin Did
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