SEC Commissioner concerned about the US lagging behind global Bitcoin ETFs

Published at: July 23, 2021

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.

Tags
Etf
Bitcoin
Regulation
United States
Sec
Government
Canada
Related Posts
BREAKING: Nasdaq listing hints that the SEC may soon approve ETF application from Valkyrie
The United States Securities and Exchange Commission, or SEC, may soon approve an application from crypto-asset manager Valkyrie for a Bitcoin (BTC) exchange-traded fund, or ETF, with the shares to be listed on the Nasdaq Stock Market. According to an Oct. 15 notice from the SEC, the agency has accepted the registration request for shares of Valkyrie’s Bitcoin Strategy ETF for listing on Nasdaq. In a letter from Nasdaq’s vice president of listing qualifications, Eun Ah Choi — filed the same day — the exchange said Valkyrie’s Bitcoin ETF shares had been certified. Related: New tickers and ARK filing shows …
Etf / Oct. 15, 2021
Ethereum ETFs are here, building case for US approval of BTC and ETH funds
Unlike its neighbor to the south that continues to procrastinate, Canada seems to be fast-tracking crypto assets — as evident again last week in its regulatory green light for three new Ether (ETH)-based exchange-traded funds, North America’s first. “Having an easily accessed ETF in Canada changes the competitive landscape,” Campbell Harvey, professor of international business at Duke University’s Fuqua School of Business, told Cointelegraph. The United States Securities and Exchange Commission will feel pressure to approve a cryptocurrency-based ETF soon, perhaps within months, said Harvey. “It is increasingly hard to make the case to exclude crypto,” he further explained, adding: …
Etf / April 23, 2021
Galaxy Digital submits Bitcoin ETF application with SEC
Galaxy Digital has submitted a Bitcoin (BTC) exchange-traded fund filing with the United States Securities and Exchange Commission. According to the form S-1 published by the SEC on Monday, the Galaxy Bitcoin ETF — if approved — will trade on the NYSE Arca exchange, with the Bloomberg Galaxy Bitcoin index tapped as the pricing mechanism. Detailing the price mechanism for the prospective Bitcoin ETF, the filing reads: “The end-of-day Index price is calculated using the Bloomberg Crypto Price Fixings (‘CFIX’) mid-price for bitcoin. CFIX is based on pricing provided by the Bloomberg Generic Price (‘BGN’) using Bloomberg’s data, technology and …
Etf / April 12, 2021
BNY Mellon to Act as Transfer Agent for Bitwise’s Proposed Bitcoin ETF
Bank of New York Mellon has been appointed to serve as transfer agent and administrator of Bitwise Asset Management’s proposed Bitcoin (BTC) exchange-traded fund (ETF). Bitwise amended the S-1 form that it submitted to the United States Securities and Exchange Commission (SEC) on Sept. 11. The amendment also lists major accounting firm Cohen & Company as auditor, while Boston-based legal firm Foreside Fund Services is listed as the Bitcoin ETF’s marketing agent. Whether any of the aforementioned firms will act in their appointed regard depends on an eventual decision to allow the listing by U.S. financial regulators. The long road …
Etf / Sept. 12, 2019
Canada crypto regulation: Bitcoin ETFs, strict licensing and a digital dollar
In October, Toronto-based Coinsquare became the first crypto trading business to get dealer registration from the Investment Industry Regulatory Organization of Canada (IIROC). That means a lot as now Coinsquare investors’ funds enjoy the security of the Canadian Investment Protection Fund in the event of insolvency, while the exchange is required to report its financial standing regularly. This news reminds us about the peculiarities of Canadian regulation of crypto. While the country still holds a rather tight process of licensing the virtual asset providers, it outpaces the neighboring United States in its experiments with crypto exchange-traded funds (ETFs), pension funds’ …
Etf / Nov. 26, 2022