Commissioner Hester Peirce of the US Securities and Exchange Commission (SEC) commented to Bloomberg on November 22 about ongoing spot Bitcoin ETFs.
Peirce said that while she cannot comment on currently active ETF proposals, she is open to the approval of such a product. She said:
“I have been very transparent that for years I have believed that there is no reason for us to stand in the way of a Bitcoin exchange-traded product.”
Peirce noted that each product should be judged on its unique properties, but said her agency previously received numerous applications that she saw no reason to deny. Nevertheless, the SEC has rejected several of these applications in recent years.
Peirce also alluded to a “push from the court” – which the interviewer assumed was a ruling requiring the SEC to review Grayscale’s ETF application. She said the SEC and its members “will see where things go” in light of that legal decision.
Peirce also commented extensively on the SEC’s recent legal losses. She said that while she has not seen a decrease in lawsuits despite these losses, enforcement is only one tool. Peirce argued for a more productive approach, adding that congressional legislation and positions within the SEC itself could influence future SEC actions.
Peirce briefly comments on the Binance resolution
Hester Peirce briefly commented on a resolution between several US agencies and Binance (and its now former CEO, Changpeng Zhao). She could not comment in detail due to the SEC’s separate ongoing case against Binance.
However, Peirce noted that it is common for accused parties to pursue criminal charges before civil charges. That’s reflected in the fact that Binance settled criminal charges with the Department of Justice (DOJ) and others before the SEC’s civil securities charges. She did not directly answer the interviewer’s question, which asked whether criminal settlements can be used as a remedy in civil securities cases.
Peirce broadly stated that in light of all current cases, regulators should strive to create a regulatory framework that allows crypto companies to operate in the US. She said she hopes this will happen in the coming months and years.
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