The SEC commissioner strongly supports the crypto world and criticizes the current US policy that is too reluctant to approve a spot ETF in BTC.
The evolving market needs ETFs on the spot price of crypto
The US market is becoming more and more insistent in the demand for crypto spot ETFs
The mistrust of the Securities and Exchange Commission (SEC) towards spot Bitcoin ETFs does not go down well with commission chairwoman Hester Peirce, who attacks the system, accusing it of obstructionism.
Peirce spoke harshly at a recent conference titled “Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?”, attacking the SEC for allegedly placing too many vetoes on a world that is racing and needs support.
Hester Peirce’s more than 4,000-word report, aided by spontaneous speeches, highlighted how the American authorization system is too restrictive with regard to the new instruments that crypto investors would like to equip themselves with, in this case ETFs on the spot price of Bitcoin.
The refusal of a certain American political party to commit to the regulation of these instruments appears to annoy investors who are thirsty for new cryptocurrency instruments and may be a brake on the development of this asset as well as on the attraction of significant capital to the United States of America.
Meanwhile, the Bitcoin ETF of the large investment company Grayscale debuts in Europe.
The SEC’s rejection of the ETP last month only aggravates the situation. The US commissioner points out that with each rejection, positions become more radical and critical as markets around the world open up to crypto assets as is happening in Europe, Canada and Australia.
Why crypto ETPs are important for investors, according to Hester Peirce
“Why does this matter? Investors might prefer a spot Bitcoin ETP to other options, and we ought to care about what investors want”.
Continuing the point, she explains how virtual currency assets cannot and should not be treated like classic finance:
“The concern for liberty and personal autonomy that drives you to prefer ‘we-at’ to fiat ought also [to] cause you to reject a government that arbitrarily limits people’s investment options”.
The regulatory infrastructure related to Bitcoin and virtual currencies in general shows itself to be blatantly backward even with this resistance of the SEC to approving a spot financial product in BTC, which would breathe new life into the market perhaps even attracting capital from abroad, which is very useful in a period of market contraction such as this.
The discussion that followed Hester Peirce’s words was assisted by speeches from some of the important players in this world including Ryan Selkis, co-founder and CEO of Messari, Todd Phillips, director of financial regulation and corporate governance at the Center for American Progress, and Jerry Brito, executive director of the Coin Center.
The post Hester Peirce supports spot crypto ETFs and promotes regulation of the ecosystem appeared first on cryptodailynews24.com.