Hester Peirce Steps SEC Into Cryptocurrency
Hester Peirce believes that cryptos shouldn’t be subject to huge government regulations. Because a precondition allow products in markets that the agency regulates.
Pierce is one of the pro-crypto talking heads at the SEC. She said that the rejection of the Winklevoss brothers Bitcoin ETF proposal was a result of SEC. They belived that Bitcoin markets have flaws that relate to its infrastructure.
Through a letter of dissent, she explicitly described how SEC justified the rejection of the Winklevoss bitcoin ETF. The decision wasn´t based on evaluating Bitcoin and the blockchain technology as a viable innovation and investment. She belives the rejection was focused on the crypto markets instead.
The Commission’s order included an assurance. “disapproval doesn´t rest on an evaluation of whether bitcoin or blockchain technology more generally, has utility or value as an innovation or an investment.”
Peirce believes if the SEC continues focusing on crypto markets instead of the products or the instruments launched on top of the markets, then publicly of tradeable instruments associated with cryptos will never hit the US market.
She added that these new products are a result of innovative entrepreneurs. This innovations are trying to develop products that are accessible to diverse investors. As the crypto market stands, its complex that only specific investors can pursue the diversification opportunities of these assets provide.
For this reason, the SEC should be willing to embrace these products.Because those products allow people to access crypto indirectly or hedge their crypto holdings.