Light At The End Of The Tunnel? Bitcoin ETF Is “Definitely Possible”, SEC Commissioner Peirce Affirms
A Light At The End of The Tunnel? Bitcoin ETF Is “Definitely Possible”, SEC Commissioner Affirms
Hester Peirce, the most notably pro-Bitcoin commissioner of the U. S. Securities and Exchange Commission (SEC), has recently affirmed that the Bitcoin ETF is a possibility at the “What Bitcoin Did” podcast.
The show was aired in the weekend and while Peirce was not very willing to affirm that it was inevitable that we would have a Bitcoin ETF in the future, she confirms it as a possibility. It is important to know that Hester Peirce does not speak for the SEC as she is very pro-Bitcoin and dissents from the sentiment of other members when they denied the Winklevoss ETF.
In a statement made in July, she publicly disagreed on the view of the Commission that Bitcoin was not respectable or even ripe enough or regulated to worthy of the market. She has also criticized the SEC for being “beyond its jurisdiction” and talking about the asset itself and not only its specific market.
She affirmed, at the podcast, that the SEC has to uphold the regulatory and that’s all. They cannot overstate their jurisdiction and talked that the SEC should allow for innovation within the framework or it would become interventionist, something that she believes would be a bad idea.
Peirce is also very against the idea of Bitcoin being used as a way to scam people and only that. She complained that the specialists brought by the SEC to advise the commissioners on the area were not able to convince the SEC that cryptos can be regulated if the doors are opened just a little bit wider than they are now.
Also, she affirmed that while most of the ETF applications so far have been rejected by the SEC, they are still open, so people can still try.
An Ongoing Battle
Peirce believes that the relationship between the SEC and the public who wants the ETF is happening and that there is a good chance that the ETF will exist sometime. She acknowledges that there is a battle to be won as some people are very strong cryptos but believes in the full potential of the industry. The SEC is, fortunately, not in complete denial of the idea, it just points out issues that have to be solved.
When will the ETF be approved? That is actually very hard to know for sure as there are many points that have to be addressed, but 2019 is not an unrealistic target.
Meanwhile, away from the United States, Switzerland has approved the first Bitcoin ETF in the world. It will be traded on the main stock exchange in the country, Six Stock Exchange. This is good news for American investors as it means that it is more likely that the ETF will pass there.