Investors are starting to get fed up with the SEC’s reluctance for accepting Bitcoin ETF in the local economy. In fact, SEC commissioners themselves are starting to encourage the regulator to speed things up by not paying so much attention to the security of it all.
An SEC commissioner by the name of Hester Peirce has urged the US regulator to reduce its standards for accepting exchange-traded fund on cryptocurrencies.
Peirce has commented on the SEC’s approach to the ETF space by saying how wrong it was for the commission to have rejected the ETF application of the Winklevoss twins, who operate the Gemini exchange. Peirce also added that ETFs are going to do nothing but encourage new institutional traders to partake in the blockchain sphere, something that the country would benefit from.
Why is the SEC so hesitant?
It is believed that the SEC’s main issue is with leveraged ETFs, as it deems them un-retail trader friendly. But what the market participants try to argue is that those trading options are not targeting retail traders, they are designed for institutional customers.
Unfortunately, the longer this dispute continues with the SEC, the more countries are going to start following the same pattern. Japan has already voiced its opinion about restricting ETF applications or simply holding back on it for now.