BTC ETF POSTPONED
A number of crypto ETF proposals have been rejected this year. We can say that the SEC has been under constant siege by the crypto industry. Without much success so far.
The SEC has decided to reject the ETF proposal put forward by the Winklevoss brothers.
The Digital Asset Investment Forum was held in Washington D.C. two days ago, on December 5th. Hester Pierce, a commissioner of the United States SEC, who is also known as “Crypto Mom” in the crypto community, explained her views in a recent interview.
Pierce, who got the nickname “Crypto Mom” because he represents a view that opposes the SEC’s decision, said that a Bitcoin, or any other crypto-currency ETF, is absolutely likely to become reality, however the when cannot be predicted.
Pierce, openly supports the approval of a crypto ETF and does her best to make her colleagues change their mind and “have a bit more of an open mind”, and she believes she will succeed but as the end of this year is only three weeks away, it’s reasonable to say that 2018 is not the year that will be a milestone in this respect.
Pierce said that the SEC is aware of the significant institutional interest towards Bitcoin. She added:
“I think we need to encourage institutionalization in crypto space. That’s not what the people in the space want, but I think there are institutional folks who want to be in this space [...] And the best way that we can offer retail investors to get into this space is through a place that’s more institutionalized.”
The appropriate level of regulation is a key factor in making the crypto dimension acceptable for the SEC. Even Hester Pierce agrees that those who want to be part of this industry have to strictly comply with the law. However, she is also worried that setting up unnecessarily strict regulation in the crypto industry, might be in the way of realizing new, innovative ideas in the crypto space.
“I want to make sure that the doors to innovation are open wide enough, and they’re not too constrained by regulation,” she added.
Hester Pierce had a simple piece of advice for us. She said ‘not to hold your breath’ waiting for a Bitcoin exchange-traded fund (ETF). She summed it up by saying:
“Definitely possible, could be 20 years from now or it could be tomorrow. [But] it might take /…/ longer to approve an exchange traded product.”