The U.S. Securities and Exchange Commission (SEC) has again rejected an application to launch a Bitcoin ETF.CommissionerSEC EstherPierce (Hester Pierce) criticized the department for not wanting to keep up with the times.
The SEC rejected the launch application this week.bitcoin exchange traded fund (ETF) from NYSE Arca and Wilshire Phoenix. In response, Esther Pierce released a statement emphasizing that “the Commission has again rejected an application that would have allowed US investors to gain access to Bitcoin through a product listed and traded on a 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 that Pierce has criticized the SEC for being too cautious in relation to Bitcoin ETFs. She made the same statement in early June 2019.
</p></p>Read this:
Bitwise and NYSE Arca plan to re-apply for Bitcoin ETFs
Esther Pearce criticized SEC stance on ETF
Esther Pierce: Digital Assets Will Become Internet Money
SEC Commissioner Esther Pearce proposes a three-year “vacation” for startups
Esther Pearce: “Digital Assets Will Ever Become Internet Money”
SEC rejects Bitwise's ETF Bitcoin ETF application