Crypto Mom criticized SEC for "smothering ETFs as if they were infants"

03 Jun, 2019
by Fifi Arisandi
News
Crypto Mom criticized SEC for smothering ETFs as if they were infants

Crypto mom, Hester Peirce again criticized the SEC for their approach to crypto-based ETF and showed support to crypto ETF proposals.

Hester Peirce didn’t get her “crypto mom” nickname for nothing. The SEC commissioner once again criticized her agency for being overly cautious on their approach towards cryptocurrency ETF.

Speaking at a conference in New York last month, Peirce said that the SEC is “still smothering ETFs with personalized attention as if they were infants”.

She referred to the 1940 Investment Company Act that all ETF applicants must comply with, including crypto assets manager.

Peirce used the event to show her support to the Winklevoss twins’ ETF proposal again, which she previously wrote a dissent towards the SEC’s rejection to it.

Until now, the SEC hasn’t yet approved any crypto ETF proposals, despite the efforts from several assets management company, such as VanEck and Bitwise.

The latter just submitted a whitepaper to the agency last week to respond to their concerns over fraud and price manipulation in crypto market that they claimed as one of the main reasons of the rejection or delay of all Bitcoin ETF proposals, as reported by The Block Crypto.

In the submitted whitepaper, Bitwise argued that the crypto market is actually way more efficient and regulated than how the general public perceives.

In the meantime, Singapore-based exchange, Huobi just announced the launch of a new crypto ETF product available on their platform for all their users. The exchange makes it clear that it is not available for their US based customers due to the stringent regulation from the SEC, as previously reported by Chepicap.

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