Hester Peirce, who has the entitlement of “Crypto Godmother” in the money circle, believes that Bitcoin ETFs should have been approved for listing in the United Regime long ago. She too argued that the US Securities Regulatory Commission( SEC) has repeatedly rejected applications for Bitcoin ETFs, which is fundamentally engaged. “Double standard”.
In an interrogation with CNBC last week, US SEC Commissioner Hester Peirce said that she was often asked,” When will the US SEC approve the Bitcoin ETF ?” She continued :
“I think that if we( the US SEC) where to apply its consideration of the item standards of other concoctions to the review process of Bitcoin ETFs, we would have already approved one of them, and even numerous Bitcoin ETFs. As the days go by, our reasons for refusing to approve Bitcoin ETFs seem to become more and more far-fetched.”
Hester Peirce, who is admired by the cryptocurrency community, expressed disparate viewpoints on the US SEC’s insistence on not exhausting Bitcoin ETFs last year. She set forth in the clause that the US SEC insisted on applying “unique and highest standards” to Bitcoin concoctions. Above, and far higher than the requirements for traditional concoctions. Hester Peirce said at the time,
This series of kills preceded me to conclude that the US SEC is unwilling to approve the listing of any concoction that will expose the market to bitcoin, and there is no document that can meet the US SEC’s constant changing standards for bitcoin-related product applications.
Hester Peirce said last week,
“People with a regulatory mindset, when they encounter such new things, they will say, “Oh, wait a minute, the Bitcoin market looks a bit different from the market we are used to.”
She added that the Bitcoin market has become relatively matured and has even captivated more institutions and mainstream retail investors to participate. Therefore, Hester Peirce once again announced to the US SEC to approve the Bitcoin ETF.
Last month, the US SEC announced that it had once again adjourned the handout appointment of the review results of the US asset management company VanEck’s application for Bitcoin ETF. VanEck has been committed to promoting the listing of Bitcoin ETFs as early as 2018. It has not been successful so far, and this attempt is still delayed by the SEC.
In the past three years, the US Securities Regulatory Commission has refreshed numerou Bitcoin ETF applications, but all of them have been rejected. Harmonizing to the current US Securities Exchange Act, the US Securities Regulatory Commission can delay up to 240 daylights to decide whether to approve an ETF application. Judging from the past experience of disappointed Bitcoin ETF applications, most businesses are taken on a full 240 dates occasion, and were officially rejected.
In recent months, market participants have been speculating that after Gary Gensler, who has coached digital resources routes at MIT, acquires the presidency, the US Securities Regulatory Commission will adopt a more tightened stance on cryptocurrencies. Under the leadership of former chairwoman Jay Clayton, the US Securities Regulatory Commission systematically rejected the proposal to roster Bitcoin ETFs, principally because of concerns about fraud and market manipulation, which disappointed the industry.
However, Hester Peirce, who was re-elected by one time President Trump until 2025, is not happy to see her own institution’s approach. She is of the opinion that the US SEC clearly accepts doubled standards in reviewing bitcoin concoctions. More than that, she believes that the US SEC approach is also welcome to leave millions of investors with no choice but to switch to riskier alternatives.
Hester Peirce said, “The U.S. SEC’s disapproval of( Bitcoin ETF) actually cleared the situation worse and rather complicated, because people are looking for other types of commodities to change Bitcoin ETFs, such as Bitcoin notion furnishes. But these businesses are not easy to enter and exit.”
Although Bitcoin premiums are volatile, Hester Peirce is of the opinion that the U.S. SEC should have approved Bitcoin ETFs a long time ago. She is of the opinion that, peculiarly when exchanges can meet regulatory requirements and protect investors from hoax, the U.S. SEC has The scrutinize standards of Bitcoin ETFs should not focus on the interests and impediments of Bitcoin itself. She lastly said :
