SEC Commissioner Peirce: Bitcoin Is A “Big Learning Curve,” But Many Issues Need Addressing
News outlet, AMB Crypto, recently reported an in depth look at U.S SEC Commissioner, Hester Peirce’s opposition regarding the Winklevoss Twins’ proposed exchange-traded fund (ETF), which was supposedly shared via a podcast episode dubbed, “What Bitcoin Did.”
Based on the comments she made, it looks like she is for blockchain technology and cryptocurrencies and does in fact see potential in the tech sector, but due to her “mandates” there still remains a lot to follow by.
As reported by AMB Crypto, at the time of the opposition, Peirce said:
“I reject the role of gatekeep of innovation – a role very different from [and indeed, inconsistent with] our mission of protecting investors, fostering capital formation, and facilitating fair, orderly, and efficient markets. Accordingly, I dissent.”
In explaining her conclusions, Peirce noted that as a regulator, she had to consider the larger picture of what’s at stake and the benefits that could potentially come out of it. Here’s a point she makes in the deciding factor of said proposals:
“We have a specific mandate and I want to make sure we stick to that mandate and then allow innovation within the mandate as much as possible.”
It seems like the Commissioner feels that as a regulator, there should be a limit to intervening, which sometimes goes off track. As per her quote,
“We try to become a little more interventionist and what we allow and don’t allow, and I think that’s not really where we belong.”
As for when she was first introduced to Bitcoin and what she got out of that experience, she shared that, it was during her university time and that “it’s a big learning curve.” She also noted that she keeps updating her knowledge by listening to “podcasts that discuss the issue,” and has discussions with specialists within the field to learn more.
However, as previously mentioned, she keeps referring to the mandates she has and how she’s keeping up with many issues.
Given that the SEC has rejected nearly 9 to 10 ETFs by now, are you convinced that they are still for the blockchain and crypto sphere after reading this? Share right down below!