U.S SEC “dug into a hole” by not approving a Bitcoin ETF

U.S SEC “dug into a hole” by not approving a Bitcoin ETF

A proponent of Crypto securities and also Securities and Exchange (SEC) Commissioner, in the person of Peirce Hester had a discussion on the regulatory measures of the United States on Bitcoin Association Youtube channel.

There have been progress thus far in changing the approach the digital assets have on the regular.

 

The gravamen of Pierce discussion on the Youtube channel are the innovation of cryptocurrencies, digital assets and how they benefit customers. Though Pierce colleagues at U.S SEC has taken a opposition side.

Highlighting on the importance of flexibility and the ability to point of view quickly have in the field. The approval of Bitcoin-based Exchange Traded Fund (ETF)  have been called by her but of which the regulatory agency has repeatedly ignored.

Pierce opined:

What I would urge my fellow regulators and people at the Fed to think is to think not only to have the reaction of looking at where the negatives are but to really look for the positives (…). I would hope they won’t ruled out the positive things that could happen in the purely private sector as well (…). Don’t view this (crypto regulation) as a competition between the private and public sector.

Pierce asked his fellow commissioners to take a “more optimistic” stance. A regulator that becomes an obstacle to innovation, in the Commissioner’s view, will take lose-lose actions for all parties.

For Pierce, the crypto industry is in its infancy. Eventually, she believes that its use cases may be integrated into various areas to remove “single points of failure” and increase the “resilience” of the financial system. The Commissioner invited to see “the whole picture”.

The SEC has rejected the launch of a Bitcoin ETF. However, Pierce believes that the interest the cryptocurrency has recently received is changing how her fellow regulators view the asset. The approval of Gary Gensler as chairman of the SEC, she said, could bring a different vision to the institution.

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