The head of the US Securities and Exchange Commission (SEC) Crypto Task Force, Hester Peirce, said that the decade-long process that led to the approval of spot Bitcoin Exchange-treated funds (ETFs) was wrong and urged regulatory market participants.
In an interview about Bloomberg’s Billions Podcast, Peirce has tackled the slow pace of approvals for crypto-based financial products, which states that the SEC works through process changes and internal recovery with regard to digital assets.
She added
“People must be patient. We have a number of continuous lawsuits that we are trying to work. We have many other considerations.”
Peirce is a long-known advocate for the crypto industry, which has given her the nickname ‘Crypto Mom’. She has too was a vocal critic of how the committee dealt with the spot Bitcoin ETF assessment process before the approval in January 2024.
At the time, she issued a public explanation and called the process ‘terribly incorrectly managed’ and said that the declaration of the SEC before reversing the earlier rejections was ‘weak’. She added that the delays “had alienated a generation of product innovators in our space”.
ETFs do not guarantee a legitimacy of assets
From April 21, the sec had 72 ETF applications pending approvalIncluding derivatives. After one Recent series of decision delaysBloomberg ETF analysts believe that the regulator will take his time until the last deadlines that have been set for October.
As regulatory discussions continue, Peirce repeated that institutional and retail market participants must wait for further clarity. She added that “there is a lot going on” and that the workload of the Bureau Lawsuits and complex policy questions contains new financial instruments.
The SEC in particular had a meeting with players in the industry and round tables to discuss various aspects of the crypto industry.
Regardless of the decisions of the regulator about these archives, Peirce clarified during the interview that SECist inspection of a product is not equal to an approval of his investment value.
She said:
“If something is effective, there is something green enlightened in the SEC, this does not mean that we tell people that this is a good investment for everyone or for you in particular. People have to make that decision for themselves.”