The U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce remains bullish about the approval of a Bitcoin ETF. In a recent speech at the University of Missouri School of Law, she showed that she remains a crypto-friendly commissioner at the SEC. 2019 could be the year in which a Bitcoin ETF would be approved.
SEC Commissioner Hester Peirce Brings Good News for Crypto
The last week was very positive for virtual currencies and Bitcoin (BTC). Digital currencies were able to grow when it seemed that they were close to new lows in more than a year. Indeed, Bitcoin moved from $3,400 up to $3,700 in just a few hours. Other digital assets such as Litecoin (LTC) registered a price increase of 30%.
One of the main catalysts for Bitcoin’s price to start growing is related to what Robret J. Jackson Jr., said. Mr. Jackson is a commissioner at the U.S. SEC, the same as Hester Peirce. During an interview, he said that the approval of a Bitcoin exchange-traded fund (ETF) is just only a matter of time.
The good news continues to reach the whole crypto market. This time, Hester Peirce shows that she continues to be the crypto-friendly commissioner at the SEC. About the approval of a Bitcoin ETF, she commented:
“As I have mentioned in the past, I am concerned that our approach with respect to such products borders on merit-based regulation, which means that we are substituting our own judgement for that of potential investors in these products. We rightfully fault investors for jumping blindly at anything labelled crypto, but at times we seem to be equally impulsive in running away from anything labelled crypto.”
Peirce seems to be saying to the SEC that it is currently acting as an investment advisor rather than as a regulator. In the past, the SEC rejected the Winklevoss twins’ proposal fear of manipulation and low liquidity, among other things.
In the near future, Fidelity Digital Assets and Bakkt will be entering the market. Both companies are going to be offering services for financial institutions and traditional investors from all over the world. With these services specifically designed for larger investors, the market could increase its liquidity and be more professional and prepared for a Bitcoin ETF.
Peirce went on saying that there are platforms that want to be registered with the SEC. This is why she mentioned that she is eager to make progress on this front. At the moment, the cryptocurrency market lacks a clear regulation and Peirce seems to be ready to help companies have a better regulatory framework where to operate.