US Securities regulatory body Commissioner says it’s time to stop the rejection of Bitcoin spot exchange-traded funds products.
The US Securities and Exchange Commission (SEC) is a regulatory body that is responsible to regulate the spot cash market and also regulates the securities market. The SEC and CFTC bodies regulate the crypto market in the US. SEC agency is known as a highly strict agency against the crypto industry, which keeps the regulation work under highly strict standards to ensure the safety of citizens.
Just a couple of days ago, Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?, Hester M. Peirce, SEC Commissioner indirectly tried to emphasize that now SEC agency needed to move toward the approval of Bitcoin spot ETFs.
Hester said that the SEC agency now needed to stop the rejection of the application of crypto-backed Spot products.
“stop denying categorically spot crypto exchange-traded products…(..)…the Commission’s resistance to a spot bitcoin ETP is becoming almost legendary.”
According to SEC Commissioner, she has no clue how to give frequent answers to the questions of when the SEC is going to approve a Bitcoin (BTC) ETP.
She further added:
“The reasons for this resistance to a spot product are difficult to understand apart from a recognition that the Commission has determined to subject anything related to bitcoin—and presumably other digital assets—to a more exacting standard than it applies to other products.”
SEC commissioner also claimed that many other regulatory bodies are taking such a stance of SEC Agency on Bitcoin spot ETFs in wrong ways toward the crypto industry.
She also noted that the current situation of the crypto market is now matured enough and here we have to take all these things under serious development work.
SEC agency against Bitcoin spot ETFs
In the past, the SEC agency approved many Bitcoin futures ETFs products but the agency rejected almost equal numbers of Bitcoin spot ETFs’ applications.
Giant investment firm Grayscale is also working to convert its Bitcoin-backed fund GBTC into Bitcoin spot ETFs. And now Grayscale is working with more eagerness to introduce its spot ETFs product.