June 15, 2021

Esther Pearce criticized SEC stance on ETF

Esther Pearce criticized SEC stance on ETF

SEC Commissioner Esther Pearce sharply criticized the actions of the regulatory body, as the Commission in once again rejected the application for the launch of Bitcoin ETF.

On Wednesday, the SEC rejected Wilshire Phoenix andNYSE Arca Inc., on the launch of the cryptocurrency ETF. It is worth noting that last year, representatives of the Commission rejected many such applications filed by Bitwise, NYSE Arca, ProShares and others.

In response, Esther Pearce issued a statement,according to which the agency intentionally does not provide investors with access “to bitcoin through a product listed on the exchange in accordance with the regulatory framework of the Commission”

A cryptocurrency supporter said:

A long list of failures makes me thinkthat the Commission intentionally does not want to authorize a product that would provide access to bitcoin. No application will be able to meet the ever-changing standards that the SEC invents specifically to limit cryptocurrency trading.

According to the commissioner, the ubiquitous resistance of the department impedes the development of the cryptocurrency market, impedes institutionalization and innovation, and does not comply with the investor protection policy.