SEC Commissioner, Hester Peirce, stated on an interview with Bloomberg that the regulator’s approval of a Bitcoin (BTC) exchange-traded fund, or ETF, could lead to a more welcoming price for non-exchange trade devices such as that of the Bitcoin Trust of Grayscale (GBTC).
Peirce restated her opinion about SEC’s seemingly unfair treatment towards any crypto-based financial instruments. She said that she has recently handed out a second dissent. However, from her perspective, it doesn’t seem that the commission is all that interested in approving any exchange trade products in the market today that have any crypto support. She sees it as having two distinct standards for crypto products and the standard commercial products, which she strongly disagrees about.
The SEC Commissioner was then asked whether the absence of an approved ETF BTC instrument could render the investment for a GBTC that riskier. She answered with a yes and later clarified that the precise reason products that trade on exchanges attract the eyes of many is their capability to offer excellent value discovery processes.
She also toyed about the very thought of her creating her very own ETF. Peirce joked that if she ever created her ETF, it would be about toilet papers.
All kidding aside, it is true that the lack of a sanctioned Bitcoin ETF hampers a higher adoption rate for cryptocurrencies.