In a new interview with the presenter Peter McCormack, producer of cryptographic podcast What Bitcoin didThe Commissioner of Security and Exchange of EE. UU., Hester Peirce, describes the role of the SEC with respect to Bitcoin and new products related to cryptography.
The US regulator UU., Which recently took enforcement action against the EtherDelta encryption trading platform and also cracked down on initial offers of currencies that allegedly offered unregistered securities, extended the deadline of its last decision for a fully regulated Bitcoin ETF.
Earlier this year, the SEC rejected several proposals from the Bitcoin ETF.
Peirce, who issued a disagreement in July after the SEC rejected the Bitcoin ETF proposal by Ty and Cameron Winklevoss of the Gemini cryptocurrency exchange, said at the time that the agency's lack of approval was detrimental to the market. of Bitcoin.
"Furthermore, I am concerned that the Commission's approach undermines the protection of investors by preventing further institutionalization of the bitcoin market. Increased institutional participation would improve many of the Commission's concerns with the bitcoin market that underlie its disapproval order. "More generally, the interpretation and application of the legal standard by the Commission sends a strong signal that innovation is not welcome in our markets, a signal that can have effects beyond the fate of bitcoin ETPs" .
Since then, the agency has been taking a long and deliberate approach to making its next decision, analyzing public comments and meeting with interested parties VanEck, Cboe and SolidX last month.
Speaking with McCormack on November 20, Peirce says he is concerned that the SEC deviates from its mandate not to hinder innovation.
"This country is based on extracting brilliant ideas from all over the world because we have such profound capital markets. People want to come here because they can find the money to support those ideas. And I certainly want the United States to continue to be a center of innovation and a center of creative thinking. I worry that if we send the message that it is too difficult to overcome the regulatory mess here, people will go to places where they say "We will be much more open to innovation".
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As for the comment about the possibility of a Bitcoin ETF regulated by the SEC, Peirce says that the timing is difficult to predict and that people should let the regulatory process develop.
According to Peirce,
"Things are developing more. So I can not say that everything is inevitable, but I can say that given the amount of time and energy that is spent in this area, I think it is definitely possible that we can see products that are based on cryptocurrencies in our markets. "
Listen to the full interview on What Bitcoin Did
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VanEck, Cboe and SolidX pay attention to the Bitcoin ETF in a meeting with the US Securities and Exchange Commission. UU
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