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Hester Peirce (left). Photo: Hester Peirce / Twitter
Peirce, nicknamed "Crypto Mom" by the Crypto community, is a supporter of an encrypted ETF and tries to prosecute the SEC to approve a Bitcoin ETF soon. With the ETF Van Eck online in February 2019, the SEC has to decide whether or not to accept a Bitcoin ETF now or not yet.
She said:
"Do not hold your breath, I pay attention to people not to live or die when a crypto or bitcoin ETF is approved." You all know that I'm working to try to convince my colleagues to have a little more of an open mind when it comes to [crypto]. I'm not as charming as some other people. "
From the start of 2018, the approval of a fund traded on the Bitcoin exchange (ETF) has become the catalyst for the next crypto bull run in the minds of many investors on the market.
A bitcoin ETF could certainly increase the liquidity of the dominant cryptocurrency in the US market, as it would allow institutional and retail investors to invest securely and efficiently in the asset class without conflicting with local regulations.
The commissioner of the SEC-Pro-Bitcoin
Already in July, Peirce had disagreed with the SEC decision to reject the Bitcoin ETF deposited by the Winklevoss Twins. He later claimed that officials not only failed to deny ETF Winklevoss, but also exceeded the limited scope of the agency's role in securities market regulation. In particular, he stated that the agency has allowed the state of the underlying bitcoin spot markets to over-weight the way the Winklevoss Bitcoin Trust ruled.
He then said:
"The Commission's mission has historically been, and should continue to be, to ensure that investors have the information they need to make smart investment decisions and that trading rules are designed to provide transparency and prevent manipulation while market participants interact. The Commission goes beyond this limited role when it focuses on the quality and characteristics of the markets behind a product that an exchange seeks to list ".
VanEck's deposit of ETFs, which has achieved significant market expectations on the market, mainly thanks to VanEck's decades-long track record in the traditional financial sector, univocally uses the over the counter (OTC) market to base the price of the cryptocurrency that supports ETF.
Shortly after his statement, Peirce began to be called "Pro-Bitcoin SEC Commissioner", although he claims to be more "pro-innovation" than "pro-Bitcoin".
Peirce explained:
"I think there are many promises in cryptocurrencies and in this new technology and so I'm excited to see what happens with it, but obviously I will not take a position on what aspect will be successful or not."
Institutionalization will happen
During a chat with Erica Williams, a partner in Kirkland & Ellis's governmental, regulatory and investigative group, the highest law firm in the world, Peirce said that institutionalization "will happen", but warned people to lower their expectations on a next approval period for a cryptic ETC. The time frame could extend for decades.
"You all know that I am working to try to convince my colleagues to have a little more of an open mind when it comes to [crypto]. I'm not as charming as some other people, "said Peirce.
Speaking of the implementation of the regulations in the cryptographic space, the "Crypto Mom" warned:
"Be careful what you ask for – never underestimate the ability of regulators to think about the regulatory requirements you need to follow that you never thought of."
Over the past year, cryptocurrency companies around the world are doing their best to get the approval of Bitcoin's ETF. However, the SEC remained absolutely firm on its demand for market manipulation issues. Reiterating his position last month, the president of the Securities and Exchange Commission (SEC) of the United States said he still had some concerns before feeling "at ease" with the investment product.
Clayton noted during the course Clayton commented during the CoinDesk Consensus: Invest conference in Manhattan. He also added:
"What investors expect is that the commodity trading underlying the ETF makes sense and is free from the risk of manipulation, which is a problem that needs to be addressed before being comfortable."
And while the SEC is in no hurry to approve an ETF, Wall Street heavyweights are lining up with new cryptographic products and platforms. Nasdaq Ventures and Fidelity Investments participated in a $ 27.5 million round of financing for the new ErisX cryptocurrency exchange following the closure of its first funding round in October. This round included the participation of the investors TD Ameritrade Holding Corp, Cboe Global Markets and the private equity firm Valor Equity Partners.
