SEC Commissioner concerned about the US lagging behind global Bitcoin ETFs

SEC Commissioner concerned about the US lagging behind global Bitcoin ETFs

Bitcoin Blockchain Business Latest Policy & Regulation
July 23, 2021 by J.D. Smith
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Securities and Exchange Commissioner Hester Peirce has voiced concerns over the United States lagging behind global jurisdictions in adopting cryptocurrency exchange-traded funds (ETFs). During an online appearance at the Bitcoin (BTC) conference “The B Word,” Peirce pointed out that many other countries such as Canada have already been trading crypto ETFs, while the U.S. is still deciding
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Securities and Exchange Commissioner Hester Peirce has voiced concerns over the United States lagging behind global jurisdictions in adopting cryptocurrency exchange-traded funds (ETFs).

During an online appearance at the Bitcoin (BTC) conference “The B Word,” Peirce pointed out that many other countries such as Canada have already been trading crypto ETFs, while the U.S. is still deciding whether to approve such a trading instrument. She stated:

“I would never have imagined that I would be in this situation where we would not yet have approved one and other countries are moving ahead.”

The SEC commissioner also mentioned her concern that U.S. regulators could be overstepping their remit by forcing the local crypto industry to play by a separate set of rules than everyone else.

“We’re not a merit regulator, so we shouldn’t be in the business of deciding whether something is good or bad, an investor is thinking of their entire portfolio, and sometimes we’re thinking in one-off terms of a particular product standing on its own, and we forget that people are building portfolios,” she noted.

Peirce’s latest remarks come in line with her recent criticism of U.S. crypto regulation, with the SEC commissioner last month once again urging authorities to refrain from overregulating the crypto industry. Despite calling for a softened regulatory stance on crypto, the commissioner still believes that clear crypto rules are critical for the industry to thrive without fear of breaking the law. A long-running crypto advocate, Peirce is widely referred to as “Crypto Mom” within the crypto community.

Related: Fund management firm Global X files with the SEC for a Bitcoin ETF

As previously reported, U.S. regulators have delayed multiple approvals of crypto ETFs recently after consistently postponing such decisions over the past several years. In the meantime, some countries have already approved or launched Bitcoin ETF trading, with 3iQ and CoinShares’ Bitcoin ETF going live on the Toronto Stock Exchange in April. Canadian fund managers Purpose Investments and Evolve Funds Group previously launched Bitcoin ETF trading as well.