Crypto Mom Calls Bitcoin Spot ETF Should Have Been Approved Five Years Ago
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce once again expressed support for the approval of a Bitcoin spot ETF. She has always been a strong supporter of cryptocurrency and is respected by the community as "Crypto Mom" ".
According to "etf.com" reports, Peirce said at an in-depth ETF meeting held by Bloomberg that the Bitcoin spot ETF should have been approved five years ago. He believes one should have been approved five years ago, so it's a mystery to him that it hasn't been approved yet. He believes that the ETF and crypto ecosystem is ready for the arrival of a Bitcoin spot ETF.
Calling on the SEC to improve its attitude towards the cryptocurrency industry
She once again emphasized at the meeting that the SEC needs to change its attitude towards cryptocurrency and blockchain. She believes that there should be a uniform standard when dealing with the ETF approval process, rather than applying different standards for cryptocurrencies, which is absurd.
Last month, Peirce expressed her positive attitude towards Bitcoin spot ETFs in an interview. She believed that the SEC had no sufficient reason to refuse approval and believed that the relevant applications would eventually be approved. Two Bloomberg ETF analysts who attended the meeting, James Seyffart and Eric Balchunas, also believed that the chance of spot ETF approval before January 10, 2024 is as high as 90%. They believe that the market demand for Bitcoin ETFs is growing, and other countries have approved similar products, and the SEC is expected to follow up and approve this application. This will provide investors with more opportunities to participate in the cryptocurrency market and drive further growth in the popularity and acceptance of Bitcoin.
SEC rejects Coinbase’s petition to introduce clear rules
Although Hester Peirce has repeatedly urged the SEC to develop a clear regulatory framework to allow cryptocurrency companies to operate in the United States, the SEC has been slow to do so. respond. Last July, Coinbase, the largest U.S. cryptocurrency exchange, filed a petition asking the SEC to use its formal rulemaking provisions to provide clear guidance to the cryptocurrency industry. However, the SEC did not provide a clear response to this. Therefore, in April this year, Coinbase filed a lawsuit asking the court to order the SEC to provide a clear response to the petition.
However, the SEC has officially rejected the petition today. The five-member committee voted 3-2 to decide that no new rules were required. SEC Chairman Gary Gensler offered three reasons for rejecting new rules.
Existing laws and regulations apply to the cryptocurrency securities market
The SECC also addresses crypto securities market issues through rulemaking
In determining its own rulemaking priorities, maintain The committee's discretion is very important.
Coinbase General Counsel Paul Grewal responded that he planned to challenge the SEC’s decision to refuse to propose new rules in court. Hester Peirce and fellow Commissioner Mark Uyeda publicly stated that they disagreed with the SEC's decision to refuse to propose new rules, saying that the petition raised issues caused by new technologies and other innovations, and that solving these important issues is the key to becoming a responsible regulator. core part.
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