Wednesday , October 5 2022

SEC Commissioner Hester Peirce says that cryptographic products are possible in US markets


In a new interview with host Peter McCormack, producer of cryptopodcast What Bitcoin Did, US Security and Exchange Commissioner Hester Peirce charts the SEC's role in Bitcoin and new crypto-related products.

The US regulatory authority, which recently took action action against the EtherDelta Crypto Platform Platform and also cracked on the first coin offer alleged to offer unregistered securities, extended the deadline for its latest decision for a fully regulated Bitcoin ETF.

Earlier this year, the SEC rejected several Bitcoin ETF proposals.

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Peirce, who issued a balance in July after the SEC rejected the Bitcoin ETF proposal by Ty and Cameron Winklevoss of the cryptocurrency exchange Gemini, noted at the time that the Agency's lack of approval was detrimental to the Bitcoin market.

She wrote,

"In addition, I am concerned that the Commission's attitude undermines investor protection by ruling out an increased institutionalization of the bitcoin market. More institutional participation would strengthen many of the Commission's concerns with the bitcoin market that underlies its misconception. More generally, the Commission's interpretation and application of the statutory standard sends a strong signal that innovation is unwelcome in our markets, a signal that may have effects far from the bitterness of ETP's fate. "

Since then, the Agency has taken a long and conscious approach to making its next decision, analyzing public comments and meeting stakeholders VanEck, CBOE and SolidX last month.

Speaking with McCormack on November 20, Peirce says she is concerned that the SEC sets her mandate to not stand in the way of innovation.

"This country is based on drawing amazing ideas from all over the world because we have such deep capital markets. People want to come here to find money to support those ideas. And I really want the United States to continue to be a center for innovation and a center for creative thinking. I'm worried that if we send the message that it's just too hard to get through the regular thick here, people will go to places where they say, "We'll be much more open to innovation." "

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Regarding comments about the possibility of a SEC-controlled Bitcoin ETF, Peirce says that the time is hard to predict and that people need to let the regulatory process play.

According to Peirce,

"Things get more developed. So I can not say everything is inevitable, but I can say that given the amount of time and energy spent in this area, I think it's definitely possible that we could see products based on crypto courses in our markets. "

Listen to the full interview on What Bitcoin Did

Crypto Beat

VanEck, CBOE and SolidX make a fall for Bitcoin ETF in a meeting with the US Securities and Exchange Commission

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Limitation of Liability: Opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses that you may incur are your responsibility. Daily Hodl does not recommend buying or selling any cryptographic or digital assets, and The Daily Hodl is not an investment advisor. Note that The Daily Hodl is participating in affiliate marketing.

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