The US securities and exchange Commission (SEC) has again rejected an application to launch an ETF for bitcoin. SEC Commissioner Esther Pierce (Hester Pierce) criticized the Agency for not wanting to keep up with the times.
This week, the SEC rejected an application to launch an exchange-traded Fund (ETF)for bitcoin from NYSE Arca and Wilshire Phoenix. In response, Esther pierce released a statement in which she stressed that “the Commission again rejected an application that would have allowed American investors to access bitcoin through a product listed and traded on the national securities exchange.”
Pearce noted that the SEC has created a “unique and inflated standard” for applications to launch ETFs related to cryptocurrencies and digital assets. In her opinion, the General mood of the Commission “hinders institutional development and innovation”.
“This refusal was the latest in a long list of similar decisions by the SEC. This convinces me that the Commission simply does not want to approve a product that provides access to bitcoin. No application will ever meet the ever-changing standards that the SEC applies to cryptocurrency products, and only to them. This approach is frustrating, as it shows a blindness towards innovation, ” the SEC Commissioner said.
Note that this is not the first time that pierce has criticized the SEC for being too cautious about bitcoin ETFs. She made the same statement in early June 2019.