In a new interview on the Thinking Crypto website, U.S. Securities and Exchange Commission commissioner Peirce Hester criticized the SEC's continuing decision to deny approval for a Bitcoin ETF in the United States. Peirce notes that, although she understands the hesitation around the issue because Bitcoin is part of a new asset class, she believes that taking too much care in this case could result in the loss of the US economic advantage over other markets. According to Peirce: “ The real question is: will trade in products in our markets, trade in products on the stock exchange, work? And are there things that worry us that can go wrong, can they go wrong? These are legitimate questions, and I understand that this is a new class of assets. We’re all trying to understand how it works, but at some point you just need to move on and say, ‘Okay, let’s let this go.’
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You mentioned the exchange-traded products that are now being traded in Canada. They decided that they can move on. Your standards, I don't know what they are – they may be different from ours – but we're also seeing a lot of other types of products where people can access Bitcoin. Things are moving forward and we don't want to wait too long because then it becomes so much more important who is the first to move. If you wait too long, it gets complicated for us too. ”Peirce says that his opinion on the matter may differ from his colleagues, and says that the standards that the SEC applied in determining the approval of a Bitcoin ETF, are not consistent with the degree of oversight to which other similar assets have been subjected in the past.
This is another area in which I disagree with my colleagues because I think we have applied a standard in this area to try to find out if we should approve one of those exchange-traded products that is not necessarily consistent with the way we look at other similar products in the past.
“I think I'm being a little unfair here in characterizing the way negative decisions were made, but I really thought that we spent a lot of time trying to control the markets (…). ”, Said Peirce. Do you believe that we will see the approval of a Bitcoin ETF in the United States later this year? Leave your opinion in the comments section below.Read more: Gold growth is being affected by Bitcoin, according to Bloomberg analyst