The US Securities and Exchange Commission's (SEC) Winklevoss fund refusal has created a wave in the cryptocurrency community. These repeated Bitcoin ETF rejections are so severe that one of the SEC's, Hester Peirce has spoken out against the SEC over these decisions.
In an interview with CNBC, Hester stated that the SEC plays an important role in spreading the message around the world that the US capital markets are very open to innovation. She said that this was the main reason for her disagreement with the SEC about the ETF Winklevoss fund.
The commissioner said she was not a Bitcoin holder but a "big fan" of innovation. Hester argues that Bitcoin and other electronic currencies have a lot of interesting power, electronic money and blockchain are the solution to long-standing problems.
The SEC committee consists of five members, though only four of them make the ETF decision. The majority voted against. Hester explained that the decision to deny ETFs was first made by commission staff and not commissioners.
Hester said:
"An Exchange comes in and they say we have a rule change and we want to make it a reality so we can trade this kind of assets (say Bitcoin), so most of the members "This proposal does not follow the rules of the commission and the government."
She says there is no reason for them not to allow Bitcoin to trade on the ETF. SEC argued that the manipulation of Bitcoin prices was one of the main reasons they did not approve.
Hester also hoped that the committee considered the disagreement while making the decision for the next Bitcoin ETF proposal. She said:
"I hope that by giving what I believe is a logical way of approach that we should do, and maybe ask my colleagues for help, I believe I can change my mind. Think of them. That's what an SEC member must do. "
The commissioner also talked about VanEck's ETF proposal. She said the committee would not change their decision and they would follow the same procedure as before with Winklevoss's ETF proposal. Hester said she did not want to discuss a proposal being reviewed but in principle the SEC should seek to increase investor opportunities. She hopes that in the future, the SEC will be ready to create the potential for investors to enter the market.
"In these [cryptocurrency] markets, in a way, they are in line with their interests and profitable in terms of profit for them [investors]."
In addition, Hester Peirce says she can not predict whether Bitcoin ETF will be adopted by the end of the year. However, the committee will review every proposal comprehensively to make the right decision.
So there was one individual who stood up against the SEC's decision to deny the Bitcoin ETF, quite a compliment for her heroic spirit. Although fragile, there is hope, to see if the SEC is shifting because of her morale.
For more information about ETF
https://steemit.com/bitcoin/@phungminhtuan/what-s-bitcoin-etf
https://steemit.com/bitcoin/@phungminhtuan/what-do-professionals-think-about-bitcoin-etf
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