Crypto Mom Voices Support for Gemini’s Bitcoin ETF, While Criticizing SEC Citing Attention Reasons
- Hester Peirce, an SEC Commissioner, is known to the public as the Crypto Mom for her support of the cryptocurrency industry.
- Peirce criticized the way that the SEC is treating the crypto market like it is in its infancy.
Hester Peirce’s proactive efforts for the cryptocurrency community from her SEC Commissioner seat have earned her the nickname “Crypto Mom” in the community. Recently, in an article by the Financial Times, Peirce commented that she believes that the SEC is being far more cautious than they ought to be about the approval of a crypto ETF. In fact, she took it as far as to urge the SEC for new rules regarding ETFs that would make it easier for the approval process to be complete.
The SEC commissioner attended a conference in New York in May, where she said that the SEC is giving such overbearing attention to the ETFs that it is “as if they were infants.” The application process presently is based on the 1940 Investment Company Act, which has been reportedly stringent, as stated by The Block, in regard to getting a crypto fund approved.
During the same time, it looks like Peirce believed in the efforts that the Winklevoss twins have put into their ETF proposal. When their former ETF application was denied last year, there was uproar in the cryptocurrency community, but none of these opinions held the weight of a written dissent from Peirce.
So far, the SEC has been fairly famous for their lack of approval of any cryptocurrency ETF, even though there’s been a substantial effort by companies like Bitwise and VanEck. The SEC even received a whitepaper from Bitwise, as the latter made an argument for how much more efficient and regulated that the industry actually is, despite the criticism from opponents of cryptocurrency. The statements were made in response to the concerns that the SEC has voiced, regarding the potential for fraud and price manipulation. These have been the concerns of the authority as they have struggled to approve Bitcoin ETFs, which have all either been rejected entirely or delayed in their decision.
Presently, Bitcoin is valued at $8,692.35, increasing by 1.25% in the last 24 hours.