Crypto Mom says SEC's "arcane rules" likely mean no Bitcoin ETF in 2019

14 Feb, 2019
by Richard Allen
Crypto Mom says SEC's arcane rules likely mean no Bitcoin ETF in 2019

Securities and Exchange Commissioner Hester ‘Crypto Mom’ Pierce has further downplayed the likelihood of a Bitcoin ETF happening in 2019, citing “arcane rules” at the SEC as the reason for the increasing delay, the Washington Examiner reports.

“[W]e have applications. … those are subject to a very specific time frame where we have to act within a certain amount of time, and so that’s what it’s going to depend on,” Peirce said at an event at the Bipartisan Policy Center. “And those are very arcane rules as to whether it happens or not, so I can’t speculate on the timing.”

Many speculate that the approval of a Bitcoin ETF will be the catalyst leading to the next major bull run. An ETF would provide institutional investors with an easy way to become involved in the crypto market.

Pierce has for a while now been the progressive voice in a generally conservative institution, pushing for a vote on the VanEck and SolidX proposal last year. Despite her efforts, the decision was delayed. Pierce commented at the time that the SEC is “Impulsive in running away” from Bitcoin.

Read more: SEC’s CryptoMom Hester Peirce continues to push crypto-friendly regulation

Pierce was hopeful that guidance would come soon, but much of the SEC’s work has been interrupted due to the extended government shutdown.

“I think we’ll see that in the near term, but I don’t have a time frame, but I know the staff is working on that,” said Peirce.

Read more: The cumbersome process of bulding laws for Bitcoin

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