In a recent interview with Bloomberg TV, SEC Commissioner Hester Peirce conveyed her pro-innovation and pro-Bitcoin ETF stance. She discussed critical aspects of digital asset regulation, emphasizing the need for a proactive approach toward building a regulatory framework that supports businesses operating in the United States.
Commissioner Peirce, well-known for supporting cryptocurrencies, shed light on spot Bitcoin exchange-traded fund (ETF) approvals and the internal dynamics within the SEC.
SEC Commissioner Urges Crypto Regulatory Framework
Commenting on the recent settlement between crypto exchange Binance and its CEO Changpeng Zhao (CZ) and the US Department of Justice (DOJ), Commissioner Peirce acknowledged the need to develop a regulatory framework that encourages innovation and allows crypto companies to do business in the United States.
Peirce emphasized the importance of proactive collaboration in defining the necessary regulations and expressed her support for open dialogue and public engagement to establish effective guidelines.
Commissioner Peirce acknowledged that conflicting “pro-crypto” narratives have led to disagreements among her colleagues at the SEC and emphasized the importance of providing clearer regulatory guidance to alleviate frustrations within the crypto industry.
No Justification To Halt Spot Bitcoin ETF Approvals
Commissioner Peirce reiterated her transparent stance regarding spot Bitcoin ETF, stating there is no valid reason for the SEC to impede the approvals.
Highlighting the numerous applications submitted to the SEC, Peirce expressed her belief that these ETFs should be given the green light. While enforcement actions and litigation are part of the SEC’s regulatory toolkit, Commissioner Peirce preferred a more proactive approach, urging the exploration of alternative tools to foster innovation and compliance in the crypto industry.
Peirce also emphasized the need for collaboration with other regulatory bodies, such as the Commodity Futures Trading Commission (CFTC), to ensure a comprehensive and cohesive regulatory environment.
Moreover, Commissioner Peirce acknowledged the potential impact of Congress in shaping regulatory decisions, acknowledging that they possess the authority to enact meaningful change in the crypto industry.
However, Peirce also highlighted the importance of consensus among the SEC’s commissioners for significant regulatory shifts. Commissioner Peirce expressed her willingness to work with Congress and the CFTC to streamline regulatory processes and create an environment encouraging innovation while ensuring investor protection.
Commissioner Hester Peirce calls for a proactive and collaborative approach to digital asset regulation and Bitcoin ETF approvals. Peirce emphasizes the need for a clear regulatory framework that supports innovation and compliance within the crypto industry.
Commissioner Peirce’s advocacy for spot Bitcoin ETF approvals and her push for regulatory clarity reflect her commitment to fostering a balanced ecosystem that encourages growth while addressing potential risks.
As of the current update, BTC, the leading cryptocurrency in the industry, has reclaimed the $37,000 price level, exhibiting a modest 0.5% increase in the past 24 hours.
Despite experiencing a period of sideways price movement over the past 7 days, which resulted in a slight decline of 0.7% during this timeframe, Bitcoin has regained momentum and show signs of upward movement.
Featured image from Shutterstock, chart from TradingView.com
