SEC Commissioner Hester Peirce: Ethereum ETF Approval Process Will Be Different
SEC Commissioner Hester Peirce has stated that the approval process for an Ethereum exchange-traded fund (ETF) will not follow the same path as Bitcoin. Peirce emphasized that the SEC has learned from the challenges faced during the Bitcoin ETF saga and will make changes to its approval process for ETH ETF applicants. The regulators will consider regular consumer and market factors when evaluating these applications, rather than waiting for court intervention. Peirce expressed frustration over the delays in Bitcoin ETF approvals, noting that she believed these products met the necessary requirements long ago.
Peirce on SEC’s X Account Hack and Avoiding Hype
Peirce also discussed the recent hack of the SEC’s X account, which resulted in a fake approval post and brief market manipulation. She suggested that this incident may have been avoided if the SEC had not generated so much anticipation around its ETF approvals. In the context of Ethereum ETF approvals, Peirce emphasized that avoiding heightened anticipation would be a key consideration. The SEC should not build hype around regulatory decisions.
No Change in Crypto Regulation
Peirce clarified that approving spot Bitcoin ETFs does not indicate a shift in how the SEC regulates crypto. The agency’s focus remains on regulating securities products based on crypto traded on securities exchanges, similar to its approach in the gold market. The SEC is not in the business of policing crypto but rather ensuring compliance with securities regulations.
Hot Take: SEC’s Revised Approach to ETH ETF Approvals
SEC Commissioner Hester Peirce has acknowledged that the approval process for an Ethereum exchange-traded fund (ETF) will differ from that of Bitcoin. The SEC has learned from previous challenges and intends to make changes to the approval process for ETH ETF applicants. Peirce emphasized the importance of considering regular consumer and market factors when evaluating these applications. Furthermore, she expressed frustration over the delays in Bitcoin ETF approvals, stating that she believed these products met the necessary requirements long ago. Peirce also addressed the recent hack of the SEC’s X account and highlighted the need to avoid generating hype around regulatory decisions. Despite approving spot Bitcoin ETFs, the SEC’s approach to regulating crypto will remain focused on securities products traded on securities exchanges, similar to its regulation of the gold market.
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