January 27, 2022

Esther Pearce criticized the SEC for the next rejection of the application to launch ETF on bitcoin

The US Securities and Exchange Commission (SEC) again rejected the application to launch ETFs on bitcoin. SEC Commissioner Esther Pierce (Hester Pierce) criticized the department for not wanting to keep up with the times.

SEC Rejects Launch Request This Weekexchange-traded fund (ETF) for bitcoin from NYSE Arca and Wilshire Phoenix. In response, Esther Pearce published a statement in which she emphasized that “the Commission again rejected the application, which would allow American investors to access bitcoin through a product placed and traded on the national securities exchange.”

Pierce noted that the SEC has created “a unique andHigh Standard ”for cryptocurrency and digital asset ETF launch applications. In her opinion, the general mood of the Commission “impedes institutional development and innovation”.

“This refusal has become another long listsimilar decisions by the SEC. This convinces me that the Commission simply does not want to approve a product that provides access to bitcoin. No application will ever meet the ever changing standards that the SEC applies to, and only to, cryptocurrency products. This approach is frustrating, as it shows a lateness in relation to innovation, ”said the SEC Commissioner.

Note that this is not the first time Pierce has criticized the SEC for being too careful about Bitcoin ETFs. She made the same statement in early June 2019.

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