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Don’t Hold Your Breath for Bitcoin ETF, Says Pro-Crypto SEC Commissioner

by Daily Hodl Staff
December 6, 2018
in Bitcoin

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 mychka (ross) (@rossreports) 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. That round included participation from investors TD Ameritrade Holding Corp, Cboe Global Markets and private equity firm Valor Equity Partners.

Intercontinental Exchange is also gearing up to launch its new crypto platform Bakkt in 2019 with partners Microsoft, Starbucks and Boston Consulting Group. Nasdaq has also confirmed the launch of Bitcoin futures in 2019.

The Crypto Beat

Bakkt Partnership With Starbucks and Microsoft on Track for Launch

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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