While other nations have already begun trading their crypto ETFs, the United States is lagging behind and this has raised concern for the SEC Commissioner Hester Peirce.
Commissioner Hester Peirce of the Securities and Exchange Commission has expressed worry that the United States is falling behind other countries in adopting bitcoin exchange-traded funds (ETFs).
During an online appearance at the Bitcoin (BTC) conference “The B Word,” Peirce noted that many other nations, including Canada, have already begun trading crypto ETFs, whereas the United States is still contemplating whether to authorize such a trading instrument. She explained:
“I would never have imagined that I would be in this situation where we would not yet have approved one and other countries are moving ahead.”
The SEC commissioner also expressed concern that US officials may be overstepping their authority by requiring the local crypto industry to follow a different set of standards than the rest of the country.
“We’re not a merit regulator, so we shouldn’t be deciding whether something is good or bad,” she explained. “An investor is thinking about their entire portfolio, and sometimes we think in one-off terms of a particular product standing alone, and we forget that people are building portfolios,” she added.
Peirce’s current comments follow her prior criticism of US crypto legislation, with the SEC commissioner urging authorities to avoid overregulating the crypto market once again last month.
Despite advocating for a more lenient regulatory approach to cryptocurrency, the commissioner believes that clear crypto laws are necessary for the industry to develop without fear of breaching the law.
Peirce has been a long-time crypto enthusiast and is known in the crypto world as “Crypto Mom.”
As previously reported, US regulators have lately delayed many crypto ETF registrations after regularly deferring such decisions for several years.
Meanwhile, some nations have approved or begun trading in Bitcoin ETFs, with 3iQ and CoinShares‘ Bitcoin ETF going live on the Toronto Stock Exchange in April.
Purpose Investments and Evolve Funds Group, both Canadian fund managers, had previously introduced Bitcoin ETF trading.
