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At least one leader at the SEC is in favor of seeing a Bitcoin ETF approved in the US.
In a virtual fireside chat with the D.C. Bar, SEC Commissioner Hester Peirce criticized the commissionâs long-standing resistance to a Bitcoin ETF.
Moderator Ashley Ebersole asked about the SECâs highly public dissatisfaction with a long series of Bitcoin ETF proposals in the U.S. Peirce, who is often known as "CryptoMom," responded with opposition to those rejects: âIâve been pretty outspoken about my disagreement with my colleagues on disapproving some of these exchange-traded products.â
Bitcoin is not uniquely volatile as a base investment for an exchange-traded fund, Peirce argued. âI would like us to look at how weâve looked at similar products in the past. Many other products that we have are based on products that are messy,â she continued. âYou can still have an orderly product built on top of it.â
Ji Kim of Gemini Trust continued along the same line of questioning as to what the SECâs concern with a Bitcoin ETF is. Peirce answered âYou canât assume that markets are not going to function if theyâre not subject to the exact same sort of regulation as securities markets are.â
I do think that Bitcoin markets are mature. Thereâs a lot of money in there now, thereâs a lot of very sophisticated players in this space and thereâs been a lot of work done to regularize the trading with Bitcoin particularly. I would say that the markets are mature enough to build something else on top of.
Regarding a recent interpretation from the Treasuryâs bank regulator that banks can custody reserves for fiat-based stablecoins, Peirce noted that the SEC was paying close attention to such developments âThere is a lot of regulatory coordination going on.â
Despite the new ruling, Peirce cautioned that some products advertised as stablecoins are in fact securities: âYou canât just put the label stablecoin on it and expect it to be regulated that way.â
Commissioner Peirce started her second term at the SEC last month, meaning she is set to remain on the commission until 2025.
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