Hester Peirce of the US Securities and Exchange Commission (SEC) is dampening expectations about an imminent approval of a Bitcoin ETF.
Appearing at the Digital Asset Investment Forum in Washington, D.C., Commissioner Peirce told the audience, “Don’t hold your breath,” on the SEC, which has to-date rejected and delayed several Bitcoin ETF proposals.
“Don’t hold your breath” says @HesterPeirce regarding crypto ETF, as the agency is “a little slow with innovations” during a fireside with Erica Williams from @Kirkland_Ellis at the Digital Asset Investment Forum in Washington pic.twitter.com/cQMdoTBQER
— Catherine Ross (@CatherRoss) December 5, 2018
During a fireside chat with Erica Williams, a partner in the government, regulatory and investigations group of Kirkland & Ellis, the world’s highest grossing law firm, Peirce said institutionalization “will happen,” but cautioned people to lower their expectations about an upcoming approval timeframe for a crypto ETF. The timeframe could extend for decades.
SEC Commissioner Hester Peirce on crypto ETF: “Don’t hold your breath”
It could come tomorrow or in 20 years, she said.
“I do caution people to not live or die on when a crypto or bitcoin ETF gets approved.”
— Frank Chaparro (@fintechfrank) December 5, 2018
The pro-crypto commissioner issued a dissent in July when the SEC rejected the Winklevoss Bitcoin ETF proposal, stating that “more institutional participation would ameliorate many of the Commission’s concerns with the bitcoin market that underlie its disapproval order.”
While the SEC is in no rush to approve an ETF, Wall Street heavyweights are lining up with new crypto products and platforms. Nasdaq Ventures and Fidelity Investments participated in a $27.5 million round of funding for new cryptocurrency exchange ErisX following the close of its first round of funding in October.