Pro Crypto Securities and Exchange Commission (SEC) Commissioner Hester Pierce spoke on the Bitcoin Association’s YouTube channel about the current regulatory landscape in the US.
The Commissioner announced that some progress had been made in changing the regular approach to digital assets.
Pierce has chosen to focus on the innovations that digital assets and cryptocurrencies bring and their benefits for consumers. Your colleagues at the regulatory authority have largely taken the opposite stance.
The Commissioner stressed the importance of having flexibility and the ability to take a position quickly in this area. The Commissioner has repeatedly called for the approval of a Bitcoin-based Exchange Traded Fund (ETF). Your requests were ignored by the supervisory authority. Pierce said:
What I want to ask my colleagues and colleagues at the Fed to think about is to think, not only to react to see where the negatives are, but also to really look for the positives (…). I would hope they don’t rule out the positive things that could happen in the purely private sector as well (…). Do not see this (crypto regulation) as competition between the private and public sectors.
Pierce asked his fellow commissioners to take a “more optimistic” stance. A regulator, which the Commissioner believes is becoming an obstacle to innovation, will take loose-lose action for all parties.
For Pierce, the crypto industry is still in its infancy. Ultimately, she believes that its use cases can be integrated into different domains in order to eliminate “single sources of error” and increase the “resilience” of the financial system. The commissioner invited to see “the whole picture”.
The SEC has rejected the launch of a Bitcoin ETF. However, Pierce believes that the interest the cryptocurrency has garnered lately is changing the way their peers look at the asset. Gary Gensler’s approval as chairman of the SEC could bring a different vision to the institution.
The commissioner hopes that Gensler is open to the idea of creating a “Safe Harbor” program in the US. This program would add clarity to the industry and allow discussion between US regulators.
A “safe haven” could be a “more productive” alternative than no action that “is what has been done so far”. About the possibility of a Bitcoin ETF being approved in the US, Pierce said:
(Institutions) want access to crypto through a regulated market. It makes sense for us to think about how to do this (…). We dug ourselves in a small hole. Many people are looking for a way to access the asset class. We have waited a long time for this type of product to be approved.
The commissioner said she was not prejudiced against a particle network. Her main interest is to create clarity “early”.
Canada’s ETF hits $ 1 billion
Meanwhile, Eric Balchunas, Senior ETF Analyst for Bloomberg, reported on the progress of the Canadian Bitcoin ETF. The financial product approved in this country in early March managed to crack $ 1 billion. The expert said:
The Canadian ETF market is 1/27 the size of the US. Proportionally, that’s the equivalent of a US ETF hitting $ 27 billion in a month, which has never come close.
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