SEC Commissioner concerned about the US lagging behind global Bitcoin ETFs
In an interview with CNBC, Securities and Exchange Commission (SEC) Commissioner Hester Peirce said that she worries the SEC may have to approve Bitcoin-based ETFs in the U.S. before other countries do. “This is not a U.S. issue, this is a global issue,” she said. “The U.S. is lagging behind other countries, so I hope that we can catch up.”
Yesterday, the SEC denied a request to add a Bitcoin ETF to the US market. This decision is, shall we say, not popular, and it may be a while before we see a Bitcoin ETF approved in the US. As of now, only two Bitcoin ETFs are available in the US, and they are both a bit different. The Direxion Daily Bitcoin Bear 3X Shares ETF (NYSEARCA: BRD) is a pure-play investment in the Bitcoin market, while the ProShares Bitcoin ETF (NASDAQ: COIN) is designed to track the performance of the digital currency’s price. Both ETFs are available in the US, but the Direxion fund can only be bought through an intermediary, which is a
The Securities and Exchange Commission (SEC) is concerned about the lack of Bitcoin Exchange-Traded Funds (ETFs) in the United States. Commissioner Michael Piwowar says that the lack of ETFs is stifling the growth of the cryptocurrency. However, as of the date of writing, the SEC has yet to approve any Bitcoin ETF.
SEC Commissioner Hester Peirce expressed worry that the United States is falling behind other countries in adopting bitcoin exchange-traded funds (ETF).
During an online speech at the Bitcoin (BTC) conference “The B Word,” Peirce noted that several other countries, including as Canada, have already begun trading crypto ETFs, while the United States is still debating whether or not to allow such a trading instrument, stating:
“I never thought I’d be in a position where we haven’t authorized one yet and other nations are going ahead.”
The SEC Commissioner also expressed worry that the US authorities may be going beyond their authority by requiring the local crypto sector to follow a different set of regulations than everyone else.
“We’re not a merit regulator, so we shouldn’t be deciding whether something is good or bad,” she explained. “An investor is thinking about their entire portfolio, and sometimes we think in one-off terms of a particular product standing alone, and we forget that people are building portfolios,” she added.
Peirce’s new comments follow her previous critique of US crypto legislation, in which the SEC Commissioner last month once again urged authorities to abstain from overregulating the crypto sector. Despite advocating for a more lenient regulatory approach to cryptocurrency, the Commissioner thinks that clear crypto regulations are necessary for the sector to flourish without fear of violating the law. Peirce, a long-time crypto supporter, is known in the crypto world as “Crypto Mom.”
Global X, a fund management company, has filed for a Bitcoin ETF with the Securities and Exchange Commission.
As previously reported, US authorities have lately postponed numerous crypto ETF licenses after repeatedly deferring such decisions for several years. In the meanwhile, several nations have authorized or begun trading in Bitcoin ETFs, with 3iQ and CoinShares’ Bitcoin ETF coming live on the Toronto Stock Exchange in April. Purpose Investments and Evolve Funds Group, both Canadian fund managers, have already started Bitcoin ETF trading.
The blockchain industry is growing at an exponential rate, with Bitcoin ETFs popping up all over the world. Despite the US Securities and Exchange Commission’s (SEC) recent denial of a couple of Bitcoin ETFs, their commissioner, Hester Peirce, is now speaking out against the US lagging behind the rest of the world in the race to bring a Bitcoin ETF to market.. Read more about sec bitcoin and let us know what you think.