'Crypto Mom' Weighs in on Bitcoin ETF Approval Hype

In a recent CNBC interview, SEC Commissioner Hester Peirce, often dubbed "Crypto Mom" for her support of cryptocurrencies, provided her insights on the ongoing speculation around the potential approval of a Bitcoin ETF. "I can't say whether or not the exchange is ready to approve a Bitcoin ETF. I've been thinking that we should approve one for the last five years. So, the logic for why we haven't has always mystified me," Peirce said. 

She also noted that the SEC's recent court case loss against Grayscale is significant, but she would not speculate on how her colleagues might interpret these developments.

Is there a shift in sentiment?

Peirce remained noncommittal about the SEC's future actions regarding a Bitcoin ETF. "I really can't say what we're going to do on a Bitcoin exchange-traded product. I can say that the agency has not been good when it comes to Bitcoin or any other crypto assets," she remarked. 

She hopes for a more progressive approach from the SEC. Commenting on industry giants such as BlackRock and Fidelity applying for Bitcoin ETFs, she observed, "It's a reflection of the fact that there's a lot of firms that think that the public is interested in these kinds of products." 

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As for shifts in Washington's stance, following the collapse of FTX last year, Peirce suggests a need for clearer regulatory guidelines. "We still have an opportunity to craft a framework that provides clear guidelines and makes the U.S. the kind of place where crypto companies want to register," she added.

Have "Crypto Mom's" personal views shifted?

On a more personal note, Peirce shared her observations on the evolving crypto landscape. "Different crypto assets and blockchains have been developed for different purposes. It's been interesting for me as a regulator to watch this experimentation and to see different uses for different blockchains emerge," she noted. 

Peirce also emphasized the inherent speculative nature of markets, particularly in low-interest-rate environments. "Speculation is what makes our markets work...I encourage people to be skeptical about everything they are buying," she advised, stressing the importance of investor education and diligence.