Last Updated: 7 July 2021
Hester Peirce, SEC Commissioner, said that the US government should have approved bitcoin exchange-traded-fund a long time ago. She also said that the SEC’s job is not to approve or reject applications based on the merits of the investment. In the end, it’s people’s own decision to buy bitcoin or not.
SEC Commissioner In Support of Bitcoin ETF Approval
SEC is yet to approve Bitcoin ETF, but this year, things might change as the sector has a new chairman Gary Gensler, who used to teach crypto and blockchain courses at MIT. According to commissioner Peirce, if the sector applied their standards on this market as it applied on every other, they should have one or more approvals by now. As more and more days are passing without their approval, the case is becoming weaker and weaker.
Commissioner also revealed that the company is not treating bitcoin in the same way as treating its other products. The company is demanding more assurances to sponsor bitcoin ETF as compared to other products. She also opposed the decision when the Winklevoss twins rejected the bitcoin ETF application in 2018. Peirce also added that the bitcoin market is more mature than before and has more participation from institutional and mainstream investors. Hester Peirce commented in May that now bitcoin has more interest from institutional markets than before, people are also looking to add more to their investment portfolio, and they will invest more in cryptocurrency.
Financial Management Companies
Apart from Peirce, other banks and financial management companies such as Goldman Sachs, Morgan Stanley, and Citigroup have seen this trend and started to offer their customers the services to deal with investing in cryptocurrencies. She also said that the bitcoin market has grown large now, the number of people who invested in this digital currency is significant, and they are participating in making bitcoin decentralized.
In the end, she said that it depends on people if they want to invest in bitcoin or not. If they think the market is manipulated, they shouldn’t.
Hester Peirce is among many who are in support of making bitcoin a much larger market. One of the big names that we have seen associated with bitcoin and other cryptocurrencies is SpaceX and Tesla CEO Elon Musk. His company started accepting bitcoin payments, but later they stopped citing environmental issues. For the past few months, bitcoin has dropped the value significantly as the token dropped from around $64,000 to $30,000. Analysts and experts have different views about the market decline, but like Hester Peirce, many are still supporting cryptocurrency. For instance, the author of the best-selling book “Rich Dad, Poor Dad” advised people to buy bitcoin these days as this is a “buying opportunity” for those who couldn’t invest in it because of its high price. However, many experts are also forecasting that the current market situation will change by the end of the year, and the value of bitcoin will reach new heights.