Peirce argued that there is no reason for the SEQ keep rejecting a Bitcoin ETFs at this time, so the agency should consider its position as this could be seen as a refusal driven by improper motives.
- Many officials of the SEQ see no reason to reject Bitcoin ETFs.
- The regulator has a resistor “almost legendary” against requests.
- Other countries with Bitcoin ETFs approved have seen good results.
- According to Peirce, the SEQ you need to change your perspective on cryptocurrencies.
The commissioner for US Securities and Exchange Commission (SEC), popularly known in the industry as “Crypto Mom”Hester Peirce, assured that it is time for the body he represents to finally approve the launch of the first exchange-traded fund (ETFs) based on Bitcoin.
“There is no reason for the SEQ reject a Bitcoin ETFs”
This was indicated by Peirce during a conference held this week, in which he showed his discontent with the way in which the SEQ would be addressing requests for the creation of the first ETFs based on the digital currency, ensuring that the body would be acting with resistance levels “almost legendary”.
In this regard, Peirce stated:
“The reasons behind this resistance to a spot product are difficult to understand, apart from the recognition that the SEC has decided to subject everything related to Bitcoin, and presumably also that associated with other digital assets, to a much more demanding standard than the one that is applies to other products.
And about the rejection of the SEQ by accepting a bitcoin etfs, The commissioner stated:
“The SEC’s continued refusal to approve a Bitcoin Spot ETF is puzzling to many agency officials. The Bitcoin market has grown, matured, become more liquid and has attracted a larger number of sophisticated participants.”
Other countries have already advanced
Peirce’s remarks were also accompanied by a review of what other countries are doing in this same matter, for which he indicated that there are already nations where Bitcoin ETFs are operational and attract a large number of investors.
Peirce highlighted the case of Canada, where “The first Bitcoin Spot ETF reached CAD $1 billion in assets under management just one month after launching in 2020.” It also made visible what is happening in Europe, where there are already more than 70 products of this type operating in local stock markets, with more than USD $7,000 million in assets to date.
You have to change your perspective
Faced with this scenario, Peirce insisted that the SEQ You must change your perspective on the matter, and move towards a much fairer crypto regulation:
“Regardless of what one thinks about cryptocurrencies, both investors and the SEC have an interest in taking a much more productive approach. Using the tools Congress has provided us with and leveraging public feedback, we can provide greater regulatory clarity, facilitate iterative experimentation, and go after bad actors operating within the crypto space.”
It is important to note that to date the SEQ has remained firm in its position and has rejected all the requests presented for the creation of a Bitcoin ETFs In U.S.A. The entity has given a negative response to companies such as VanEck, WisdomTree, ARK Invest, among others, alleging concerns about possible market manipulations and the strong volatility seen in the price of some exponents.
Among the entities waiting for a response from the SEQ this greyscale, whose application proposes to convert your product Grayscale Bitcoin Trust (GBTC) in a ETFs associated with digital currency. The company has already revealed that it would plan to file a lawsuit against the regulatory body if it receives a negative response, alleging that there would be unfair treatment of companies interested in launching this type of investment mechanism.
Source: Finbold, archive
Angel Di Matteo version / DailyBitcoin
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