Hester Peirce criticises SEC policy on Bitcoin ETFs

Commissioner SEC Hester Peirce lamented the United States’ delay in approving a Bitcoin-based exchange-traded fund (ETF). Forbes reports this.

Known as the “crypto mom,” Peirce, during a talk at The B Word conference, stayed true to her stance in favour of adopting Bitcoin ETFs.

“I never would have thought I would be in a situation where other countries have moved ahead on this issue, and we — not”, she said.

Peirce noted that the United States should take a cue from Canada, where regulators approved the launch of such instruments as early as February 2021. In March, a similar decision was taken by Brazil’s Securities and Exchange Commission.

The SEC commissioner also expressed concern that the crypto industry is forced to operate under a separate set of rules that do not apply to other sectors.

“We are not a regulator of virtue. We should not decide whether it is good or bad what an investor thinks about this, or shape the temporary perception of a given product. We forget that people build portfolios.”, she said.

Earlier in July, Hester Peirce called the regulator’s Bitcoin ETF requirements excessive.

In July, the SEC postponed consideration of Bitcoin ETF applications from SkyBridge Capital. In June, a similar decision was taken regarding proposals from VanEck, Kryptoin Investment Advisor, and Valkyrie.

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