Delayed Bitcoin ETF has consequences, says SEC Commissioner Pierce
The United States Securities and Exchange Commission (SEC) has rejected several Bitcoin exchange-traded funds over the past few years. However, the cryptocurrency space is expecting a Bitcoin ETF to be approved soon, and SEC Commissioner Hester Pierce says the market is due to get one.
The Crypto market deserves an ETF
SEC Commissioner Hester Pierce stated that the cryptocurrency space deserves a Bitcoin ETF after the commission rejected numerous proposals over the past few years. Popularly known as 'Crypto Mum,' Pierce has been a long-term proponent of Bitcoin and the cryptocurrency market.In an interview with Forbes, Pierce was asked if Bitcoin's performance over the past few months has impacted the likelihood of an ETF potentially being approved or if the SEC still cautious about a Bitcoin ETF.
She stated that the Bitcoin market is due for an ETF, and the commission has set a standard that is very hard to follow. "My view has been that we're overdue on approving one of these things. I also think we've dug ourselves into a bit of a difficult hole by setting standards for approval that are difficult to figure out how to satisfy. So I really don't know where we're going to go," she added
Pierce added that the appointment of a new SEC chairman could potentially change things, and the commission could rethink its approach towards approving exchange-traded products. Crypto Mum added that "What the price of bitcoin is doing is really not the business of the SEC. That's not what we look at when we're looking at other underlying markets. But I think the bigger driver is that there are a lot of avenues now or other ways to access bitcoin and ether."
Investors need more ways to access BTC
The SEC Commissioner argued that although retail investors are gaining indirect access to Bitcoin via shares of companies like Tesla and Microstrategy, the SEC should have opened up more standard ways for investors to gain access to the cryptocurrency market via an ETF.The SEC has rejected numerous Bitcoin ETF applications in the past. However, it now has six ETF proposals to review and access, including the recent one filed by Fidelity Investments.
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