Coin Stories
SEC Commissioner Hester Peirce: Spot Bitcoin ETFs, Crypto Regulation & Evaluating Digital Assets
Jan 15, 2024
SEC Commissioner Hester Peirce discusses the approval of 11 spot Bitcoin ETFs, the SEC's hacked Twitter account, and why the SEC took issue with in-kind redemptions. They also explore crypto regulation, evaluating digital assets, and the biggest misconception about the SEC.
36:38
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Quick takeaways
- SEC Commissioner Hester Peirce emphasizes the need for consistent standards for approving exchange-traded products, questioning why Bitcoin is treated differently and expressing frustration with the slow approval process of Bitcoin ETFs.
- Bitcoin is classified as a commodity rather than a security, highlighting the importance of legal clarity to avoid ambiguity and suggesting that the initial sale of a product should be considered when determining its classification as a digital asset.
Deep dives
The Frustration with the SEC's Handling of Bitcoin ETFs
SEC Commissioner Hester Purse expresses frustration with the slow approval process of Bitcoin ETFs and calls it a squandered opportunity. She highlights that the industry provided ample data and that similar products were trading in other countries. However, nothing moved forward until a court intervened. Purse questions why Bitcoin was treated differently and emphasizes the need for consistent standards for approving exchange-traded products.
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