{"id":11637,"date":"2022-06-16T20:20:40","date_gmt":"2022-06-16T20:20:40","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/hester-peirce-expresses-strong-support-for-crypto-spot-etfs-and-regulatory-structure\/"},"modified":"2022-06-16T20:20:42","modified_gmt":"2022-06-16T20:20:42","slug":"hester-peirce-expresses-strong-support-for-crypto-spot-etfs-and-regulatory-structure","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/hester-peirce-expresses-strong-support-for-crypto-spot-etfs-and-regulatory-structure\/","title":{"rendered":"Hester Peirce expresses strong support for crypto spot ETFs and regulatory structure"},"content":{"rendered":"
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United States Securities and Exchange Commission (SEC) commissioner Hester Peirce, sometimes known as Crypto Mom for her ardent support of the industry, spoke Tuesday at a conference hosted by the conservative-libertarian Federalist Society titled \u201cRegulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?\u201d Her lengthy remarks \u2013 over 4,00 words in the prepared version, which was augmented extemporaneously as she presented it \u2013 contain some of the bluntest criticisms of SEC policy she has made yet.<\/p>\n
Peirce characterized the SEC\u2019s attitude toward the crypto market as \u201crefusal to engage\u201d and suggested that the SEC\u2019s refusal so far to approve a spot-traded Bitcoin\u00a0(BTC)\u00a0product showed the agency\u2019s determination to hold everything related to Bitcoin to a higher standard than other products it regulates. <\/p>\n
Related: Bitcoin investment giant Grayscale debuts ETF in Europe<\/em><\/strong><\/p>\n Peirce pointed to an ETP disapproval order issued last month as an example of the SEC\u2019s \u201cstandard denial rationale,\u201d demanding a higher level of resistance to fraud and manipulation than traditional markets are held to. It is difficult to see how approval can be gained, Peirce said, and the agency\u2019s position becomes more entrenched with every disapproval. Peirce adds:<\/p>\n \u201cWhy does this matter? Investors might prefer a spot bitcoin ETP to other options, and we ought to care about what investors want.\u201d<\/p><\/blockquote>\n Peirce continued this line of thought as she considered those who do not want to see cryptocurrency \u201cdragged\u201d into a traditional financial regulatory structure. She countered:<\/p>\n \u201cThe concern for liberty and personal autonomy that drives you to prefer \u2018we-at\u2019 to fiat ought also [to] cause you to reject a government that arbitrarily limits people\u2019s investment options.\u201d<\/p><\/blockquote>\n Peirce linked the SEC\u2019s resistance to approving a Bitcoin spot product to a general unwillingness to create a regulatory infrastructure for crypto. She pointed out a variety of initiatives that have been suggested to move forward with regulation.<\/p>\n Messari co-founder and CEO Ryan Selkis, Center for American Progress director of financial regulation and corporate governance Todd Phillips and Coin Center executive director Jerry Brito were panelists for the ensuing discussion.<\/p>\n \n<\/div>\n","protected":false},"excerpt":{"rendered":" United States Securities and Exchange Commission (SEC) commissioner Hester Peirce, sometimes known as Crypto Mom for her ardent support of the industry, spoke Tuesday at a conference hosted by the conservative-libertarian Federalist Society titled \u201cRegulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?\u201d Her lengthy remarks \u2013 over 4,00 words in the prepared […]<\/p>\n","protected":false},"author":1,"featured_media":11638,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-11637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"\n