Last week, the U.S. Securities and Exchange Commission (SEC) finally approved 11 spot Bitcoin exchange-traded funds (ETFs), bringing crypto fans a long-awaited victory.
However, the relatively long wait for these ETFs to reach the market promoted severe criticism by Commissioner Hester Peirce who called it a ‘lost time‘.
In an interview, Pierce who is known as a pro-crypto advocate argues that SEC’s avoidance was due to ‘fear of the unknown’ with Bitcoin.Â
She contends that attention should be directed at the ETF rather than on its underlying asset if it meets established criteria. “Exchange-traded products allow the investors to gain exposure into a wide variety of assets, ” she concluded, noting their convenience.
Ever the spotlight, Spot ETFs dealt with constant obstacles through 2021 when Bitcoin futures on exchanges received permission from regulatory bodies. According to Peirce, this has impaired the SEC’s reputation and hampered market progress.
Finally received the approval, investors now can have alternative ways to get BTC through regulated products. Yet the process by which SEC managed raises doubts on their approach towards emerging technology and preparedness for future innovation of the financial scene.
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