Hester Peirce at the Digital Asset Investment Forum in Washington, D.C., revealed to the audience present by saying, “Don’t hold your breath,” on the SEC, which has to-date rejected and delayed several Bitcoin ETF proposals.
In her words, she said,
“Don’t hold your breath. I do caution people to not live or die on when a crypto or bitcoin ETF gets approved. You all know that I am working on trying to convince my colleagues to have a bit more of an open mind when it comes to [crypto]. I am not as charming as some other people.”
The commissioner is not sure on when the SEC could possibly approve it, thus is her advice for investors not to wait for the ruling of the SEC.
For a Bitcoin exchanged-traded fund (ETF) to get approved, it has to pass through SEC five commissioners and also a majority ruling is required for an ETF to pass. Having this fact in mind will help you to understand Hester Peirce stand on the issue.
The commissioner however, later showed some green light. According to her, a Bitcoin ETF could be approved tomorrow or in ten years time, there is not a timeframe the commission can provide on it. But, she emphasized that the institutionalization of crypto will inevitably occur, as the infrastructure surrounding the asset class strengthens over time.
While the SEC is in no rush to approve an ETF, Wall Street heavyweights are lining up with new crypto products and platforms. For example, Intercontinental Exchange is 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.