{"id":81323,"date":"2023-07-06T11:12:22","date_gmt":"2023-07-06T08:12:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81323"},"modified":"2025-09-11T22:10:30","modified_gmt":"2025-09-11T19:10:30","slug":"hester-peirce-flags-harm-from-secs-contradictory-stance","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hester-peirce-flags-harm-from-secs-contradictory-stance\/","title":{"rendered":"Hester Peirce flags harm from SEC’s contradictory stance"},"content":{"rendered":"

The regulatory ambiguity surrounding the digital-asset industry harms American citizens. This was said<\/a> by the SEC<\/span> Hester Peirce.<\/p>\n

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She noted a \\”mismatch\\” in the agency’s approach to the bitcoin-ETF<\/a> compared with the agency’s decisions regarding other products.<\/p>\n

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\\”Spot exchange-traded funds in other countries have been approved for a long time, and there is huge demand for them. It seems to me that the SEC could apply the rationale used for futures-based products to a similar ETF,\\”<\/em> \u2014 she said.<\/p>\n

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According to Peirce, such ambiguity could force companies or projects to spend unnecessary time evaluating whether to leave the United States, comply with requirements, or shut down entirely.<\/p>\n

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\\”I don’t think maintaining this kind of regulatory ambiguity serves the interests of American society. … Why not bring some clarity?\\”<\/em>, \u2014 she suggested.<\/p>\n

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In 2021 the SEC approved products ProShares<\/a> and Valkyrie Investments<\/a>, based on bitcoin futures on the CME<\/span>. To date, the Commission has rejected all proposals for \\”physical\\” ETFs based on digital gold, citing concerns about manipulation in the spot market.<\/p>\n

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In December 2021, Grayscale admitted that the regulator may have violated the Administrative Procedure Act<\/a> in approving a bitcoin-futures-based ETF while rejecting applications for its \\”physical\\” variant.<\/p>\n

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In July 2022, the Wall Street Journal accused the head of the SEC<\/a> Gary Gensler of a \\”confusing\\” approach to approving a spot ETF based on digital gold.<\/p>\n

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The wave of applications from BlackRock, Valkyrie<\/a>, Fidelity Investments<\/a>, WisdomTree and Invesco<\/a>, as well as ARK Invest with 21Shares<\/a> could potentially ease the agency’s concerns about manipulation.<\/p>\n

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They contain refined proposals<\/a> taking into account the Commission’s criticisms<\/a> regarding the so-called joint surveillance agreement<\/a> or details of this mechanism.<\/p>\n

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Analysts at Bernstein reckon the regulator will not be able to sustain its negative stance toward spot ETFs tied to the first cryptocurrency for long.<\/p>\n

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Circle CEO Jeremy Allaire predicted<\/a> that the recent wave of filings to launch spot-based digital-gold exchange-traded funds would lead to SEC approval.<\/p>\n","protected":false},"excerpt":{"rendered":"

The regulatory ambiguity surrounding the digital-asset industry harms American citizens, SEC Commissioner Hester Peirce said.<\/p>\n","protected":false},"author":1,"featured_media":81324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1311,36,128,1211],"class_list":["post-81323","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-hester-peirce","tag-regulation","tag-sec","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=81323"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81323\/revisions"}],"predecessor-version":[{"id":81325,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81323\/revisions\/81325"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/81324"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=81323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=81323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=81323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}