SEC Commissioner Peirce said the time is right for the Bitcoin ETFs

The SEC is meeting to prepare to make decisions next week on ETFs, he said.

The US Securities and Exchange Commission (SEC) is currently reviewing three Bitcoin-traded funds (ETFs), one of which was filed last week. A SEC commissioner said at the Consensus 2019 conference that the time is right for a Bitcoin ETF, as the commission will make a decision on one of them next week.

At the Consensus 2019 conference in New York this week, SEC Commissioner Hester Peirce, also known as “Crypto mom”, spoke about the regulatory environment for Bitcoin ETFs. Expressing dissatisfaction with the current law, he stated that the SEC should do more to provide a regulatory framework for cryptocurrencies. The middle Decrypt quoted her saying:

I thought it was the right time a year ago, even more than that … My first opportunity to comment on it was a year ago … It’s certainly the right time, but there are still questions floating around the SEC that need to be answered as much as possible by all of you .

About the SEC: Lack of will

Peirce then encouraged the audience to write to the SEC to help them understand the market. One of the issues he pointed out was the manipulation of the market, which “is a concern that people continue to raise in the SEC”, he shared. “Other issues such as custody problems arise a lot”.

His comments on Consensus echoed a previous speech at the Securities Fulfillment Forum that took place on May 9. “The problem is that securities laws do not stop working as a new industry develops,” he explained. “As a result, individuals and companies in the industry must comply with our securities laws or run the risk of being subject to enforcement action. Therefore, it is our duty as regulator to provide the public with clear guidance on how people can comply with our law. We have not yet fulfilled this duty. ” The commissioner also described:

It is not the exaggerated action of the SEC that has stifled the cryptography industry, but its unwillingness to act meaningfully.

Peirce also expressed concern that the United States is lagging behind other countries with a vision for the future. “Our country has always been a country where innovation can really prosper,” he said. “I am concerned that many of the activities now take place on the high seas. I want the United States to be the market for innovation “.

The SEC recently issued a 14-page document that details a framework to help issuers assess whether token bids are securities. It details the characteristics of an offer and the actions of an issuer that could indicate that the offer is probably an offer of securities. Peirce expressed concern, however, that this framework “could generate more questions and concerns than it answers”.

The commissioner said earlier that she believes the SEC does not have jurisdiction to view the underlying asset when considering whether to approve a proposed rule change for an ETF. He has also emphasized that excessive regulation could harm innovation, such as cryptocurrency.

In addition, the SEC’s senior adviser for digital assets and innovation, Valerie Szczepanik, explained that the agency is moving slowly in cryptocurrency regulations and in cryptocurrency-based products because it must be cautious. Szczepanik coordinates efforts in all divisions and offices of the SEC regarding the application of US securities laws. UU To technologies and innovations of emerging digital assets, including cryptocurrencies and initial offers of currencies.

For his part, in his speech at the SEC Sparks conference on April 8, President Jay Clayton said that one of the areas on which the commission has focused its attention due to the greatest risks are “digital assets, including cryptocurrencies, coins and chips «. At the Consensus Invest conference in November last year, he revealed the key improvements he needed to see before the SEC could consider approving its first ETF with bitcoins, such as better market surveillance and secure custody of cryptographic assets.

Bitwise Bitcoin ETF: August 14

One of the proposals being reviewed by the SEC is for the listing and trading of shares issued by Bitwise Bitcoin ETF Trust presented by NYSE Arca Inc. on January 28. This proposed rule change was published in the Federal Register on February 15. On March 29, the SEC designated May 16 as the day to make a decision on this proposal. However, on May 7, Amendment No. 1, exchanged to the rule change proposal, replaced the original amendment in its entirety. Values ​​lawyer Jake Chervinsky commented:

The new deadline is August 14. The SEC may delay once more until the final deadline of October 13.

Vaneck Solidx Bitcoin ETF: May 21

The next proposal for a Bitcoin ETF that is being reviewed by the SEC is the high-profile Vaneck Solidx Bitcoin ETF. Cboe BZX Exchange Inc. originally submitted the proposed rule change to quote and exchange shares issued by Vaneck Solidx Bitcoin Trust in June of last year. However, he withdrew the proposal on January 22 due to the closure of the United States government that affected the SEC.

The exchange restated the proposed rule change for the same ETF on January 30, which was published in the Federal Register on February 20. On March 29, the commission extended the period to review this ETF until May 21. comments have been received for this proposed new rule change, much less than the more than 1,600 comments received for the previous submission that was withdrawn. The registration statement explains:

The investment objective of the trust is that the shares reflect the performance of the Bitcoin price, less the expenses of the trust operations.

The third presentation related to the bitcoin ETF that the SEC is reviewing at the time of publication is from the Trust Funds of the United States Commodities Index. The company filed a registration statement with the SEC on Thursday for the Crescent Crypto Index Fund, sponsored by the Unites States Commodity Funds (USCF). It will be listed on the NYSE Arca stock exchange with the symbol XBET. According to the document:

The investment objective of XBET is that the daily changes in terms of percentage of its net asset value per share reflect the daily changes in percentage terms of the Crescent Crypto Core II Index (the ‘CCINDX’), minus XBET expenses.

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.


Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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