Seasoned cryptocurrency advocate Hester Peirce, known as "Crypto Mom" for her pro-Bitcoin stance, criticized the U.S. Securities and Exchanges Commission for its ignorance of crypto spot ETPs.
Commissioner Peirce de-obfuscates toxic narratives around crypto spot ETPs
Ms. Peirce shared her estimation of the prospects of Bitcoin-based spot exchange-traded products' ("crypto ETPs") approval in the U.S. at the Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?
Everyone asks me when a spot bitcoin ETP will be approved. Here's my answer: https://t.co/25M5kCDF1Q
— Hester Peirce (@HesterPeirce) June 15, 2022U.Today Crypto Review: Ethereum (ETH) Loses 30-Day Progress, Shiba Inu's (SHIB) End of Bears; Bitcoin's (BTC) Last Recovery ChanceU.Today Crypto Digest: Strategy (MSTR) Buying Bitcoin Again, Bitmine Adds $108 Million Worth of Ethereum, XRP Price Flashes Major WarningXRP Price: Ripple CEO Predicts New All-Time Highs for Crypto MarketsMorning Crypto Report: Shiba Inu (SHIB) Price Suggests Bullish U-Turn in February, XRP Insider Signal? Ripple Boss Flirts With Community, Bitcoin Rockets 940% in Brutal $359 Million Liquidation Squeeze
She recalled that the U.S. SEC is aggressively denying the approval of Bitcoin spot ETF since the previous bullrun, i.e., for over four years in a row.
Since 2018, interest in crypto spot ETPs has rocketed among retail and institutions. Futures-based products and spot ETPs in Europe are added to the portfolios of dozens of asset management heavyweights.
As such, the U.S. SEC ignores the maturation of crypto markets as trading platforms and cryptocurrencies as an asset class, which results in limited investment opportunities for Americans.
The typical concerns of Bitcoin (BTC) critics—extreme volatility, exposure to fraud and manipulation, unclear asset status—look irrelevant and exagerrated to Commissioner Peirce.
Is another crackdown on crypto in the U.S. inevitable?
This facet of crypto adoption cannot be ignored any longer, Ms. Peirce supposes. As such, to provide an adequate legal basis for novel investing instruments, the U.S. SEC should "embark on a more productive path to crypto regulation":
The agency just celebrated its 88th birthday last week, and there is no better age than 88 to start grappling with difficult, interesting regulatory questions around crypto to keep the agency’s mind sharp.
As covered by U.Today previously, the U.S. State of New York is on the eve of another anti-Bitcoin regulation being adopted. In the coming days, Governor Kathy Hochul might approve restrictions on Proof-of-Work (PoW) mining in NY.
Industry representatives oppose the ban; Compound's GC Jake Chervinsky is sure that it will not reduce carbon emissions "by a single pound."
Arman Shirinyan
Dan Burgin
Alex Dovbnya
Denys Serhiichuk