July 25, 2021

Hester Pierce again criticizes SEC stance on Bitcoin ETF

SEC Commissioner Hester Pearce lamented the US lagging behind in approving an exchange-traded fund (ETF) based on the first cryptocurrencies. Forbes writes about it.

Known as "Cryptomama" Pierce, speaking at The B Word conference, stayed true to her line of support for Bitcoin ETF adoption.

“I would never have thought that I would find myself in a situation where other countries have advanced on this issue, but we have not,” she said.

Pierce noted that the US should follow an examplefrom Canada, where regulators approved the launch of such instruments back in February 2021. In March, a similar decision was made by the Brazilian Securities Commission.

The SEC Commissioner also expressed concern that the crypto industry is being forced to play by a separate set of rules that do not apply to other industries.

“We are not a regulator of virtues.We should not decide whether it is good or bad, what an investor thinks about it, or form a temporary perception of a particular product. We forget that people create portfolios, ”she commented.

Earlier, Hester Pierce called the regulator's requirements for bitcoin ETFs too high.

In July, the SEC postponed consideration of launch applicationsexchange-traded fund based on the first cryptocurrency from SkyBridge Capital. In June, a similar decision was made for similar proposals from VanEck, Kryptoin Investment Advisor and Valkyrie.

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