Hester Peirce, a commissioner with the SEC, published comments on the failings of the SEC to properly deliver ETPs based on bitcoin and other cryptocurrencies.
“It is time for the Commission to stop denying categorically spot crypto exchange-traded products,” Peirce stated. “The Commission’s resistance to a spot bitcoin ETP is becoming almost legendary.”
The race for a bitcoin spot ETF in American markets has been fierce, but the SEC hasn’t conceded.
The reluctance of the SEC to either approve such an offering or provide greater clarity on how issuers can do so baffles many in the industry – in addition to Commissioner Peirce.
“Although bitcoin is a new asset, the concept of affording access to commodities through an exchange-traded product is not new,” Peirce explained in her published comments.
“The continuing refusal of the SEC to approve a spot bitcoin ETP is puzzling to many agency observers,” said Peirce. “The bitcoin market has grown, matured, become more liquid, and attracted more, and more sophisticated (in the traditional financial market sense of the word), participants.”
Peirce closed her comments by reiterating that while she continues to challenge the SEC’s position on bitcoin spot ETFs, she remains optimistic that the regulatory agency can change its course.