Category Archives: Crypto mum

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SEC Worried Regulatory Delays Hamper Bitcoin

SEC Worried Regulatory Delays Hamper Bitcoin

US Securities and Exchange Commission (SEC) commissioner Hester Peirce expressed comments that showed her concern that delays by the SEC in determining regulations for cryptocurrency may have hampered progress in the industry.

Nicknamed Crypto Mom for her past words in support of the industry, Peirce was speaking at the Securities Enforcement Forum in East Palo Alto, California, this week. She questioned the continued hesitancy of the SEC to provide clarity for Bitcoin and its peers despite the rapid pace of development. In particular, she said that the issuance of tokens was a problem when deciding if it became a security, especially because existing laws do not cease to apply simply because new products and developments emerge.

She urged the regulator to quickly provide clarity on legal compliance:

“We should not be trying to guide innovation, but we also should recognize that we cannot stop it and embrace the potential for positive change that innovation offers. Our silence is likely to simply push this innovation and any attendant economic growth into other jurisdictions that have done their work and provided clear guidelines for the market participants to follow.”

Back in February, Peirce proposed that a protracted process of US crypto regulation could be positive, allowing more freedom for the industry to mature on its own.

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Expect ETFs Tomorrow… or in 20 Years Says SEC’s Crypto Mom

Expect ETFs Tomorrow... or in 20 Years Says SEC's Crypto Mom

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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