Hester Peirce: Bitcoin ETF in the US ‚long overdue‘

Hester Peirce: Bitcoin ETF in the US „long overdue“

SEC Commissioner Hester Peirce aka „Crypto Mom“ gave an interview to Forbes magazine. The focus was on the Bitcoin ETF. When will it finally happen in the US?

In 2018, then US President Donald Trump appointed Hester Peirce as SEC commissioner. Since then, she has earned a reputation in the industry as the „Crypto Mom“. She has long been considered an advocate of Bitcoin and cryptocurrencies. When it comes to applications for exchange-traded bitcoin funds One Bitcoin a Day rejected by the SEC, Peirce doesn’t mince words. This is no different in a recent interview Pierce gave to business magazine Forbes. As she has done several times before, she stresses that the SEC must finally act and allow a Bitcoin ETF. The US Securities and Exchange Commission can truly not complain about a lack of applications. Most recently, Fidelity, an absolute heavyweight among asset managers, filed such an application.

In the interview, Peirce makes it clear that the delay in approving a bitcoin ETF would not be without consequences. Crypto-hungry investors would effectively be forced to turn to other, possibly less reputable, investment vehicles due to the SEC’s restrictive stance. Moreover, in Peirce’s opinion, the authority has no way of avoiding new challenges such as decentralised finance (DeFi) tokens.

Peirce considers SEC requirements excessive

Peirce acknowledged that the approval of a Bitcoin ETF in the United States should have happened a long time ago. In her opinion, the regulatory hurdles have simply been too high until now. Pierce describes the SEC’s requirements for such a Bitcoin ETF as downright unrealistic:

‚Applicants are looking at these past rejections to figure out what it is that they need to address. My view is that the approval of a Bitcoin ETF is overdue. I also think we have dug ourselves into a difficult hole. The SEC has set standards for approval that we don’t know how to meet.

But Peirce reminded the public that it is important to note that the price of Bitcoin has no bearing on the SEC’s decision-making process. The price trend, he said, was irrelevant to the SEC’s deliberations, and that was just fine. However, Peirce could not resist an allusion to Canada.