U.S. Securities and Trade Fee (SEC) official Hester Peirce sees the delayed approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) as “squandered time.”
In a brand new interview with Natalie Brunell, Peirce, one of many SEC’s 5 appointed commissioners, says the regulator ought to replicate on what she argues had been errors within the approval course of.
“This has perplexed me for a few years now, as a result of I take a look at the requirements that we have now and I say, ‘Look, if a product meets the requirements, it doesn’t actually matter whether or not we just like the underlying.’ The innovation with exchange-traded merchandise is [they] carry traders entry to a variety of belongings – securities and non-securities – via this automobile, which is a securities automobile, and that implies that it’s simpler for them to have of their portfolios. Maybe it makes it simpler for lots of people to work together with an asset if it’s in that wrapper.
I perceive that Bitcoin was a brand new factor – was a brand new factor. And so it took a while for the company to get its arms round it, however actually that isn’t the query that we must be asking after we’re approving these exchange-traded merchandise. It’s about how the product itself will commerce. And so I believe it’s only a little bit of concern of the unknown.”
The SEC permitted 11 spot Bitcoin ETFs final week after rejecting purposes for years. The regulator did, nonetheless, greenlight Bitcoin futures ETFs again in 2021.
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