'Don't Hold Your Breath,' Waiting for Bitcoin ETF Says SEC 'Crypto Mom'
December 07 2018 - 6:32AM
ADVFN Crypto NewsWire
A commissioner of the United States Securities and Exchange
Commission (SEC) said ‘not to hold your breath’ waiting for a
Bitcoin exchange-traded fund (ETF) at the Digital Asset Investment Forum held in Washington D.C. Dec. 5.
Hester Peirce, dubbed “Crypto Mom” by the community
for her dissent with the SEC’s
decision to reject a Bitcoin ETF
proposed by Cameron and Tyler Winklevoss, said that a crypto or
Bitcoin ETF is “definitely possible,” but it could be years
away:
“Definitely possible could be 20 years from now or it could be
tomorrow. Don’t hold your breath. The SEC took a long time to
[establish] Finhub. It might take even longer to approve an
exchange traded product.”
According to Pierce, she is also trying to convince her
colleagues “to have a bit more of an open mind” when it comes to
crypto adoption, but it might take a long time.
Regarding the possibility of Bitcoin institutionalization,
Peirce said that the SEC sees a lot of institutional and
retail interest and will interact with it in many
ways. She further added:
“I think we need to encourage institutionalization in crypto
space. That’s not what the people in the space want, but I think
there are institutional folks who want to be in this space [...]
And the best way that we can offer retail investors to get into
this space is through a place that’s more institutionalized.”
When asked about recent SEC enforcements, “Crypto Mom” said that
people have to comply with the law, but the government is obliged to figure out whether the
regulation is preventing people from realizing new or innovative
ideas.
“I want to make sure that the doors to innovation are open wide
enough, and they’re not too constrained by regulation,” she
concluded.
In a recent interview SEC Chairman Jay Clayton refrained from providing any
specific time frame for a Bitcoin ETF, but instead reiterated the
SEC’s stance. “I’m not going to comment on timing or anything like
that, but we’ve been clear on some of the issues that are of
concern to us,” he told CNBC.
Source: CoinTelegraph
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