Securities and Exchange Commissioner Hester Peirce has raised concerns about the US lagging behind global jurisdictions in adopting cryptocurrency exchange-traded funds (ETFs).
In an online appearance at Bitcoin (BTC) “The B Word” conference, Peirce pointed out that many other countries such as Canada have already traded crypto ETFs, while the United States is still deciding to approve. or not such a commercial instrument. She said:
“I never imagined I would be in this situation where we haven’t approved one yet and other countries are moving forward.”
The SEC commissioner also mentioned her fear that U.S. regulators could overstep their authority by forcing the local crypto industry to follow a separate set of rules from everyone else.
“We’re not a merit regulator, so we shouldn’t be deciding whether something is good or bad, an investor thinks of their entire portfolio, and sometimes we think in ad hoc terms of a stand-alone product, and we forget that people build portfolios, ”she noted.
Peirce’s latest remarks are in line with his recent criticism of US crypto regulations, with the SEC Commissioner again last month urging authorities to refrain from over-regulating the crypto industry. Despite the call for a relaxed regulatory stance on crypto, the commissioner still believes clear crypto rules are essential for the industry to thrive without fear of breaking the law. A longtime crypto advocate, Peirce is widely referred to as a “Crypto Mom” within the crypto community.
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As previously reported, US regulators recently delayed several crypto ETF approvals after systematically postponing such decisions in recent years. In the meantime, some countries have already approved or started trading Bitcoin ETFs, with CoinShares’ 3iQ and Bitcoin ETFs going live on the Toronto Stock Exchange in April. Canadian fund managers Purpose Investments and Evolve Funds Group have also launched Bitcoin ETF trading.