In an interview with CNBC, Hester Peirce commented on the hot topic of Bitcoin ETF in the US and whether the country’s regulator will eventually approve such a product. Peirce, serving as a Commissioner on the Securities and Exchange Commission, said this is “probably the biggest, most often-asked question I get.” But, with the SEC’s countless rejections for an exchange-traded fund tracking the performance of the primary cryptocurrency, Peirce said the methods have grown old.
“Rationale for not approving a BTC ETF seems is growing weaker.”
Hester Peirce, also known as crypto mom in the crypto community, said that if we had applied our standards as we have applied them to other products, we would already have approved one or more of them. With each passing day, the rationale that we have used in the past for not approving seems to grow weaker.” She further noted that regulators have an old-school approach as they are not used to review more modern and innovative developments.
Peirce believes the crypto market has matured quite a bit and a BTC ETF could work now.
The SEC commissioner believes the cryptocurrency market has matured quite a bit in the past decade, which is why a BTC ETF could work now. The SEC has received numerous applications from various companies attempting to get approval for a Bitcoin ETF, as reported earlier. However, almost all have been rejected by now. Many in the crypto community had hoped that a change in the US administration would bring a change in the crypto regulations, but it did not happen. The SEC still reviews a few, but it continues to delay the final decision, as it happened with VanEck’s most recent application.