SEC Commissioner Defends ETF Proposal: ‘No Reason’ Not to Allow Bitcoin ETF Push Forward

SEC Commissioner Defends ETF Proposal: ‘No Reason’ Not to Allow Bitcoin ETF Push Forward

Bitcoin News
August 3, 2018 by Sandra Onyeiwu
1993
The rejection of the Winklevoss ETF by SEC led to one of the commissioner of SEC, Hester Peirce, speak up against the commission’s decision. In an interview with CNBC, Heston Peirce stated that SEC has an important role to play in the crypto world, there is no reason the regulatory body would not allow the
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The rejection of the Winklevoss ETF by SEC led to one of the commissioner of SEC, Hester Peirce, speak up against the commission’s decision.

In an interview with CNBC, Heston Peirce stated that SEC has an important role to play in the crypto world, there is no reason the regulatory body would not allow the product to be approved.

Hester Peirce explained that she is currently one of four commissioners responsible for the fate of the Bitcoin ETF, though there are typically five when Commission is at full strength.

Peirce has been in the commissioner position for just six months so far, after working previously as a staff attorney. Now, she says she’s delighted to have the opportunity to weigh in on these cryptocurrency debates.

According to Peirce, the ETF rejection was the result of a 3-1 vote against approval and providing insight into the decision making.

“If you read (the SEC’s order) which is relatively long, they go through an analysis and say that the rule change — which is how this is done, an exchange comes in and they say ‘we have a rule change that we would like to put into place that would allow us to trade this product’ — and so the majority of the Commission said that the proposed change was actually not consistent with the governing statute — in this case, that’s the Securities and Exchange Act.”

Peirce concluded by saying that she cannot say for sure whether the ETF will be accepted by the end of this year.

“I take the position that actually the change that was put before us was consistent with the Exchange Act so there’s no reason for us to not allow this product to go ahead,” she explained.

Therefore I would have let it go forward whereas my colleagues believe that it should not go forward.

 

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