Crypto Mom, aka Hester Peirce, the Commissioner of the Securities and Exchange Commission [SEC], has been expressing concerns over how the US could be lagging behind in adopting Bitcoin ETFs.
Bitcoin ETF or Bitcoin exchange-traded funds have been trying to make a debut in the US for quite some time now. The regulators in the US, particularly the SEC, have been quite hostile towards this. An array of platforms have been sending out applications for the same, and almost every application has been either delayed or denied. However, the SEC has Crypto Mom, who has been urging the regulator to consider approving at least one Bitcoin ETF.
Appearing in a recent virtual conference, Peirce pointed out how all the other countries were moving ahead while the US hadn’t even approved one crypto ETF.
Crypto Mom calls out SEC
The SEC has been vocal about its angst towards the crypto-verse. The Ripple vs. SEC case is a classic example of the same. Bitcoin ETFs have made a debut all across the globe except for the US and the SEC has a primary role to play in the same. Speaking about the same Crypto Mom stated,
“We’re not a merit regulator, so we shouldn’t be in the business of deciding whether something is good or bad, an investor is thinking of their entire portfolio, and sometimes we’re thinking in one-off terms of a particular product standing on its own, and we forget that people are building portfolios.”
Peirce has always noted how the SEC had been overregulation the crypto-verse.
Recently, the SEC delayed Wisdom Tree’s Bitcoin ETF plea. In its notice, the SEC urged the public to send in their views and arguments or concerns with regard to the Wisdom Tree application. Revealing the reason behind the same, the SEC stated,
“The Exchange asserts that the manipulation concerns previously articulated by the Commission are sufficiently mitigated to the point that they are outweighed by quantifiable investor protection issues.”