The U.S. SEC Commissioner Hester Peirce, also known as Crypto Mom, said that regulators in the United States that denied a Bitcoin (BTC) exchange-traded fund (ETF), have missed the point of crypto.
Crypto Mom Says Regulators Missed the Point Of Crypto
During an interview with the crypto journalist Laura Shin, Peirce suggested that crypto potential has been damaged by the SEC and its decision to reject crypto ETF proposals. She went on explaining that regulators are not good at embracing innovation.
On the matter, she commented:
“In general, the agency hasn’t been great on innovation and so this is sort of the natural area for me to be looking at because this is where innovation and the SEC are meeting.”
In general, Peirce became a bridge between the crypto community and innovative proposals and the U.S. SEC. Several ETFs have been rejected by the SEC during the last few years. However, Peirce has been in favor of approving the Winklevoss ETF presented back in 2017 and that was rejected in mid-2018.
She recognizes that she does not know whether the ETF would be good for investors. Nonetheless, Peirce explains that they have to take this decision and analyze the risks of investing in this ETF rather than the SEC.
The SEC has also been taking different measures against Initial Coin Offerings (ICOs) operating in the market. For example, some of them have been labeled as unregistered securities and have to give back funds to users that invested in the project.
There are many different regulatory agencies around the world that are taking very open policies towards virtual currencies and blockchain technology. Malta and Switzerland are perhaps the best examples of how proper regulations in the space allow the environment to grow and expand without complications.