With a bear market in full swing, the best thing to do is focus on positive news and the potential future of crypto. One of the events crypto investors have been and are still waiting for is a Bitcoin ETF. That said, multiple Bitcoin ETF filings over the last year have been denied or endlessly delayed by the SEC. The good news? A crypto ETF is still very much possible.
In an interview with the makers of the ‘What Bitcoin Did’ podcast, Hester Peirce, a commissioner at the SEC, mentioned that she believes that a Bitcoin ETF is “definitely possible”. That said, Peirce also iterated that her views are her own and not necessarily those of the SEC itself.
During the interview, host Peter McCormack asked Peirce whether a future Bitcoin ETF was “inevitability”, but Peirce could not acknowledge this. Pierce did say, however:
“Just because you are calling something Crypto does not mean you can ignore the rules we have had in place for years, but I do think we also need to be willing to open the doors a little bit wider for innovation.”
Peirce, one of the SEC’s five commissioners appointed by the US president to overlook the regulatory landscape for security investments in the US, first came to the attention of the crypto community in September after writing a so-called letter of dissent in relation to the SEC’s refusal to approve the Winklevoss Bitcoin Trust ETF.
In her ruling, Peirce expressed her belief that the four other commissioners had overstepped their remit by looking at the underlying nature of the asset classes involved (Bitcoin) as opposed to the ability of the exchange to counteract potential market manipulations within their product offering.
In September, the Security and Exchange Commission (SEC) decided to once again delay the decision on the VanEck and SolidX Bitcoin ETF. The authority explained that it needed more time to analyze the application in detail. The decision is now expected after Christmas, circa 29th of December 2018.