The US Securities and Exchange Commission (SEC) would long ago approve Exchange Traded Products (ETP) based on the first cryptocurrency, applying a standard approach to their consideration. This opinion was expressed by Commissioner Hester Pierce in an interview with CNBC.
“I think if we applied our standards the same way we apply to other products, we would have already approved one or more of them. With each passing day, the rationale we have used in the past to deny approval seems to be getting weaker, ”she said.
The question is when the regulator will approve BitcoinETFPierce called her “the most important and frequently asked” to her.
She explained the increased requirements of the Commission for such products by the fact that the digital gold market differs from the usual for the regulator.
However, with the rise of institutional investment in the first cryptocurrency, the industry is becoming more and more like the established ones, Pearce noted.
The commissioner also pointed out the danger of delaying the approval of exchange-traded products based on bitcoin. In her opinion, the interest of investors will push them to search for an alternative, which may turn out to be more risky.
In February 2021, Pierce announced that the US capital markets are ready for the emergence of an ETP based on the leading cryptocurrency.
In June, the SEC postponed consideration of applications for the launch of bitcoin ETFs from the companies Kryptoin Investment Advisor and Valkyrie.
In the same month, the asset manager ARK Invest and the cryptocurrency provider ETP 21Shares submitted a joint proposal to launch a similar product for approval by the regulator.
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