SEC commissioner Hester Peirce declines to name timelines for Bitcoin ETF approval

Commissioner SEC Hester Peirce found it difficult to name the factors that could remove obstacles to approving a Bitcoin-based exchange-traded fund. The Block reports.

During a virtual conference, Peirce expressed support for the DeFi sector and criticised the SEC’s enforcement-focused approach toward industry participants.

“If we can bring clarity to some gaps in DeFi, we should do so. It’s obvious: if you cloak yourself in this veil but remain centralised, then securities laws should apply,” the commissioner explained.

Unlike her colleagues, Peirce is not deterred by the prospect of fully decentralised financial platforms.

“Removing intermediaries could have a positive impact on financial stability and provide easy access to financial services on transparent terms. This is a positive development,” she emphasised.

The commissioner compared DeFi projects to large tech companies that abused their position and faced antitrust investigations and lawsuits. Peirce argues that DeFi can provide a safe alternative.

In one of her previous interviews, Hester Peirce emphasised that overly strict regulation of cryptocurrencies could be detrimental to financial innovation.

In May 2020 the commissioner stated that the Gary Gensler-led era of the SEC could be a “very productive period” for the crypto industry.

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