The cryptocurrency industry is still wondering when the US Securities and Exchange Commission (SEC) will approve spot Bitcoin ETPs. Hester Peirce, a pro-crypto SEC member who disagreed with the SEC on whether spot Bitcoin ETPs should be approved or not, wrote a piece on the subject.
As it is known, the SEC has rejected the spot Bitcoin ETP applications made to date, stating that it does not meet the principles of "preventing fake and manipulative actions and practices, investor protections and public interest".
Cryptocurrency supporter Pierce, nicknamed the “Crypto Mother”, shared on his Twitter account, “Everyone asks me when a spot Bitcoin ETP will be approved. Here is my answer” and shared the article he wrote.
Recalling that the SEC has been hesitant to aggressively approve spot Bitcoin ETPs for as long as four years, Hester Peirce criticized the SEC for ignoring spot Bitcoin ETPs.
Noting the increased interest in spot crypto ETPs among retail and institutional investors since 2018, the SEC member stated that the SEC has ignored this situation, resulting in limited investment opportunities for American citizens.
“When will the SEC approve spot Bitcoin ETPs? This is one of the questions I get most often. For the past four years, my answer has been pretty much the same: I have no idea. But it's time the SEC takes a more efficient path towards regulating the cryptocurrency industry. While I was highly critical of the SEC's approach in my post, I am optimistic that we can change the course of spot Bitcoin ETPs, as it is in the interests of both investors and the SEC to take a more productive approach, regardless of what they think about crypto."
Hester Peirce also stated that by using the tools that Congress provides to the SEC, they can provide regulatory clarity and track down bad actors in the cryptocurrency industry. Finally, Peirce said:
“I look forward to the panel discussion on ways we can make significant progress in responsibly regulating the cryptocurrency industry.”