U.S. 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 Society. Conservative-Libertarian Federalist titled “Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation? Her lengthy comments (more than 4,000 words in the prepared version, which she extemporaneously expanded upon while she was presenting it) contain some of the most forceful criticism of SEC policy that she has yet made.

Peirce characterized the SEC’s attitude toward the crypto market as a “refusal to participate” and suggested that the SEC’s refusal so far to approve a spot-traded Bitcoin (BTC) product showed the agency’s determination to keep everything related. holding Bitcoin to a higher standard than other products it regulates.

Related: Bitcoin Investment Giant Grayscale Debuts ETFs in Europe

Peirce pointed to an ETP disapproval order issued last month as an example of the SEC’s “standard reason for rejection,” which calls for a higher level of resistance to fraud and manipulation than those to which traditional markets are subjected. It’s hard to see how approval can be won, Peirce said, and the agency’s position grows stronger with each disapproval. Pierce adds:

“Why does this matter? Investors may prefer a bitcoin spot ETP to other options, and we should care about what investors want.”

Peirce continued this line of thought when considering those who do not want to see cryptocurrencies “dragged” into a traditional financial regulatory structure. She answered:

“The concern for freedom and personal autonomy that leads you to prefer ‘we-in’ to fiat should also [to] make you reject a government that arbitrarily limits people’s investment options.”

Peirce linked the SEC’s resistance to approving a Bitcoin spot product to a general unwillingness to create a regulatory infrastructure for cryptocurrencies. He pointed to a variety of initiatives that have been suggested to move regulation forward.

Messari co-founder and CEO Ryan Selkis, Center for American Progress Director of Financial Regulation and Corporate Governance Todd Phillips, and Coin Center CEO Jerry Brito were the panelists for the ensuing discussion.



This post Hester Peirce Expresses Strong Support for Crypto Spot ETFs and Regulatory Structure

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