Bitcoin News: In a recent appearance on the ‘What Bitcoin Did’ podcast, Hester Peirce, the most notable pro-bitcoin SEC commissioner, confirms that much awaited Bitcoin ETF could be definitely possible.
The ‘What Bitcoin Did’ podcast at the weekend, hosted Peirce, who earlier won the hearts of the crypto-community with her ‘statement of dissent’. While the SEC rejected another denied Winklevoss ETF application, she publically disagreed with the Commission’s view, that Bitcoin was not “ripe enough, respectable enough, or regulated enough to be worthy of our markets.”
She stated that according to her the commission overstepped its jurisdiction, in assessing the underlying asset, rather than the specific market that it would trade in. In the podcast, she adds that the SEC has a specific mandate, to uphold the regulatory framework. Her belief is that the commission should allow for innovation within that framework and not become interventionist.
Peirce elaborates that the SEC did consult specialists to advise in the area of cryptocurrency, ho have led the agency to take to a cautious approach. She notes that while it is right to pursue those who use “crypto” in an attempt to scam people, it is important to allow more scope for innovation.
Just because you are calling something Crypto does not mean you can ignore the rules we have had in place for years… but I do think we also need to be willing to open the doors a little bit wider for innovation.
Bitcoin ETF Possibilities
She asserts that though all cryptocurrency ETF applications have been rejected so far, there is still hope. Peirce notes that the commissioners have been inviting comments from the public, which has been proven extremely useful.
The ETF applications are an evolving relationship, the rejection is to simply point out issues to address. She adds that the questions about the timing of the route to final approval is not so easy to answer. Every proposal being assessed as per its own merits as each one is designed differently. It is difficult to predict that when will a proposal convince three of the five commissioners. According to her, this will take its own time.
Stepping up its cryptocurrency game, Switzerland approved the first Bitcoin ETF to trade on the Six Stock Exchange, just this month. With the main stock exchange in Switzerland and the fourth largest in Europe involved in the ETF, it can be asserted that mindsets in regards to the cryptocurrency ETF are changing.