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Continuous support for cryptocurrencies, known as the "Crypto Mom" within the community, Hester Peirce, a commissioner at the U.S. Securities and Exchange Commission (SEC), has once again expressed her support for the SEC's approval of a Bitcoin spot ETF.
According to a report by "etf.com," Peirce stated this at the ETF Deep Dive Conference held by Bloomberg in New York on the 15th. She said, "A Bitcoin spot ETF should have been approved five years ago. I think we should have approved one five years ago, so why we haven't done it yet is a mystery to me." ETFs and the crypto ecosystem are "ready" to embrace a Bitcoin spot ETF.
Calling for the SEC to improve its attitude towards the cryptocurrency industry, she reiterated at the conference that the SEC "needs to change its attitude towards everything related to cryptocurrencies and blockchain," and when discussing the ETF approval process, she mentioned, "Our position is that once it involves cryptocurrencies, we start applying different standards, which is a bit absurd."
Last month, Peirce expressed a positive attitude towards a Bitcoin spot ETF in an interview, believing that the SEC had no valid reason to reject approval, and she believed the relevant applications should be approved. Two Bloomberg ETF analysts, James Seyffart and Eric Balchunas, participating in the conference, both believe that the probability of a spot ETF being approved before January 10, 2024, is as high as 90%.
SEC rejects Coinbase's petition for clear rules
On the other hand, despite Hester Peirce repeatedly urging the SEC to establish a clear regulatory framework allowing cryptocurrency companies to operate in the U.S., and Coinbase, the largest cryptocurrency exchange in the U.S., submitting a petition in July last year requesting the SEC to use its formal rulemaking powers to provide clear guidance for the cryptocurrency industry. In response to the SEC's delayed response, Coinbase filed a lawsuit against the SEC in April this year, requesting the court to order the SEC to provide a clear response to the petition.
However, the SEC has officially rejected the petition today, with a committee of five commissioners voting 3 against to 2 in favor. The resolution states that there is no need to propose new rules, and SEC Chairman Gary Gensler explained in three reasons why he refused to formulate new rules. The statement emphasized that existing laws and regulations apply to the cryptocurrency securities market, and the SEC is committed to resolving issues in the cryptocurrency securities market through rulemaking. When deciding on its priorities for rulemaking, maintaining the committee's discretion is crucial.
Coinbase's Chief Legal Officer, Paul Grewal, responded by stating plans to challenge the SEC's decision to reject the proposal in court. Hester Peirce and Commissioner Mark Uyeda publicly stated their disagreement with the SEC's decision to reject the proposal, claiming that the petition raised important issues brought about by new technologies and other innovations, and addressing these issues is a core part of being a responsible regulatory agency. |
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Post time 22-12-2023 21:16:37