Washington’s now named Crypto Mom, SEC Commissioner Hester Peirce, has spoken again on the possibility of Bitcoin Exchange-Traded Funds (ETFs) being given the go-ahead by the country’s financial legislators.
Peirce was meeting with representatives from the Digital Assets Investment Forum in Washington and was asked what the state of play looked like for ETF, seen as the long-awaited impetus for a regeneration of Bitcoin’s fortunes on the market.
“Don’t hold your breath” was the answer they received; perhaps not the one that they wanted to hear, but nonetheless both honest and concise in its delivery. A podcast two weeks ago had given some renewed hope to the market when Peirce assured the cryptocurrency community in Washington that a crypto ETF was “definitely possible”.
The commissioner pointed out then that she saw “significant intellectual capital” being invested by both institutional investors and exchanges towards the development of a Bitcoin ETF, perhaps leaving investors scratching their heads over a chicken or egg quandary. Investors see the issuance of an ETF as the impetus for change, not necessarily the other way round.
Peirce said at the meeting that a crypto EFT wasn’t necessarily imminent and gave some homely advice that people should “not live or die on when a crypto or Bitcoin ETF gets approved” referring to the SEC’s historical conservatism prone to being “a little slow with innovations”.
Although her 20-year threat was clearly tongue in cheek, as were references to investors waking up to a complete change in stance by the SEC, the timbre of her comments were clear; a crypto ETF is not imminent. Another, more weighted and slightly cryptic, comment from the same meeting was sure to get news desks busy with their own interpretations:
“Be careful what you ask for. Never underestimate the ability of regulators to think up regulation requirements you have to follow that you never thought of.”
An ominous portent of the future from Crypto Mom, or is she simply teasing?
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