The delay in the approval of a Bitcoin (BTC) exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) has been a topic of discussion among investors and regulators alike. Hester Peirce, one of the SEC’s appointed commissioners, has recently shared her perspective on the matter, expressing her belief that the delay represents a “squandered time.”
The SEC’s Stance on Bitcoin ETFs
Peirce has voiced her concern about the SEC’s approach to Bitcoin ETF approvals, stating that the regulator should reconsider what she sees as mistakes in the approval process. She argues that if a product meets the necessary standards, the nature of the underlying asset should not be a determining factor.
The innovation brought about by exchange-traded products, according to Peirce, is the accessibility they provide to a wide variety of assets, both securities and non-securities. This accessibility makes it easier for investors to include these assets in their portfolios. She also points out that the ‘wrapper’ of an ETF can make it easier for many people to engage with an asset.
Bitcoin: A New Asset Class
Peirce acknowledges that Bitcoin was a new asset class and that it took some time for the SEC to fully understand it. However, she argues that the focus of the approval process for these exchange-traded products should be on how the product itself will trade, rather than on the nature of the underlying asset. Peirce suggests that the delay in Bitcoin ETF approvals may be due to a “fear of the unknown.”
Recent Developments in Bitcoin ETF Approvals
After years of rejecting applications, the SEC recently approved 11 spot Bitcoin ETFs. It should be noted that the regulator had previously given the green light to Bitcoin futures ETFs in 2021.
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Start now using our tools for free.Disclaimer: This article is not investment advice. Investors should conduct their own due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are at your own risk, and any losses you may incur are your responsibility.
