Do not hold your breath waiting for Bitcoin ETF, says Hester Pierce, SEC commissioner
On 5th December, SEC commissioner, Hester Pierce, asked crypto investors and stakeholders to 'not hold their breath' and wait for the regulators to approve the Bitcoin Exchange Trade Fund(ETF). Hester is also hailed a 'crypto mom' for having a positive attitude towards the cryptocurrency by the crypto community.
Applauded for her decision to disapprove the SEC's decision to reject a Bitcoin ETF which was proposed by Cameron and Tyler Winklevoss, she gave the statement that the Bitcoin ETF is "definitely possible" but may take a few years to be approved by the SEC as she is trying to "convince her colleagues to have a bit more of an open mind".
She said, "Definitely possible could be 20 years from now or it could be tomorrow. Don't hold your breath. The SEC took a long time to [establish] Finhub. It might take even longer to approve an exchange-traded product."
Regarding the Bitcoin institutionalization, Pierce says that the SEC sees a lot of retail and institutional interest and will deal with the topic in many ways. She stated, "I think we need to encourage institutionalization in crypto space. That's not what the people in the space want, but I think there are institutional folks who want to be in this space [...] And the best way that we can offer retail investors to get into this space is through a place that's more institutionalized."
She also said that the crypto regulations are much needed but such regulations should not kill the innovation behind the product. She stated, "I want to make sure that the doors to innovation are open wide enough, and they're not too constrained by regulation."
the time frame to have a Bitcoin ETF is still to be decided
In a recent interview, Jay Clayton, the SEC chairman said that the time frame to have a Bitcoin ETF is still to be decided, he said, "I'm not going to comment on timing or anything like that, but we've been clear on some of the issues that are of concern to us," in the interview with CNBC.