Securities Exchange Commissioner Hester Peirce has reiterated her backing for the approval of a bitcoin exchange-traded fund (ETF) by the financial regulator according to Forbes.
While speaking at a virtual conference, “The B Word,” yesterday – she expressed her disappointment that a bitcoin ETF is yet to be approved in the US arguing that “other countries are moving ahead.”
“I would never have imagined that I would be in this situation where we would not yet have approved one and other countries are moving ahead,” Peirce said.
To buttress her point, she presented Canada as a case study, highlighting the country’s approval of both a bitcoin and ether ETF. The SEC commissioner believes that the US can follow the footprints of their neighbours in this regard.
Hester Pierce, who is also a lawyer, believes that the US SEC is not a “merit regulator” and should not concern itself with determining “whether something is good or bad.”
“We’re not a merit regulator so we shouldn’t be in the business of deciding whether something is good or bad, an investor is thinking of their entire portfolio and sometimes we’re thinking in one-off terms of a particular product standing on its own and we forget that people are building portfolios.”
Hester Peirce was sworn into the US SEC in 2018 and has been a strong advocate of the crypto industry which has earned her the name “Crypto Mom.”