Peirce argued that there is no reason for the SEC continue to reject a ETF an Exchange-traded Fund, an investment fund that users trade on exchanges and trading platforms. Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. at this time, so the agency should consider its position as this could be seen as a refusal driven by improper motives.
***
- Many officials of the SEC see no reason to reject the Bitcoin ETF.
- The regulator has a resistor “casi legendaria” against applications.
- Other countries with ETF Bitcoin approved have seen good results.
- According to Peirce, the SEC should change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. their perspective on cryptocurrencies.
The Commissioner for the U.S. Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC), popularly known within the industry as“Crypto Mom”Hester Peirce, said it is time for the body he represents to finally approve the launch of the first exchange-traded fund. (ETF) based on Bitcoin.
“No hay motivo para que la SEC refuse a ETF Bitcoin”
So said Peirce during a conference held this week, in which he showed his dissatisfaction with the way in which the SEC would be addressing the applications for the creation of the first ETF based on the digital currency, ensuring that the agency would be acting with resistance levels“casi legendarios”.
In this regard, Peirce stated:
“The reasons behind this resistance a certain price limit that the crypto in question will rarely, if ever, exceed. to a spot a contract or transaction buying or selling a cryptocurrency for immediate settlement, or payment and delivery, of the cryptocurrency on the market. product are difficult to understand, other than the recognition that the SEC has decided to subject everything related to Bitcoin, and presumably also that associated with other digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets, to a much more exacting standard than is applied to other products.”
And about the rejection of the SEC to the fact of accepting a ETF Bitcoin, the commissioner stated:
“The SEC’s continued refusal to approve a spot Bitcoin ETF is puzzling to many agency officials. The Bitcoin market an area or arena, online or offline, in which commercial dealings are conducted. has grown, matured, become more liquid and attracted a greater number of sophisticated participants.”
Other countries have already made progress
Peirce’s remarks were also accompanied by a review of what other countries are doing in this same area, indicating that there are already nations where the ETF Bitcoin are operational and attract a large number of investors.
Peirce pointed to the case of Canada, where “the first spot Bitcoin ETF reached CAD $1 billion in assets under management just one month after launching in 2020.” He also gave visibility to what is happening in Europe, where there are already more than 70 such products operating on local exchanges, with more than USD $7 billion in assets to date.
We need to change the perspective
Faced with this scenario, Peirce insisted that the SEC must change its perspective on the issue, and move towards a much fairer crypto-regulation:
“Regardless of what one thinks about cryptocurrencies, it is in the interest of both investors and the SEC to take a much more productive approach. Using the tools Congress has provided us and leveraging public feedback, we can provide greater regulatory clarity, facilitate iterative experimentation, and go after bad actors operating within the crypto space.”
It is important to note that to date the SEC has remained firm in its position and has rejected all the requests submitted for the creation of a ETF Bitcoin in the US. The entity has given a negative response to companies like VanEck, WisdomTree, ARK Invest, entre otras, alegando preocupaciones sobre posibles manipulaciones de mercado y la fuerte volatilidad vista en el precio de algunos exponentes.
Entre las entidades que esperan por respuesta de la SEC is Grayscale, whose application you propose to convert your product Grayscale Bitcoin Trust a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. (GBTC) in a ETF associated with digital currency. The company has already let it be known that it plans to file a lawsuit against the regulator in case of receiving a negative response, alleging that there would be unfair treatment towards companies interested in launching this type of investment mechanisms.
- New signs point to Grayscale planning to sue the SEC if it doesn’t approve its application for a Bitcoin ETF
- ARK Invest, de Cathie Wood, insiste con un ETF de Bitcoin al contado
- Grayscale plans to launch first cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. ETF in Europe
Source: Finbold, archive
Version by Angel Di Matteo / DiarioBitcoi n
Imagen de Unsplash
