The Commissioner of the American Commission on securities and exchange Commission (SEC) Hester pierce (Hester Peirce) stated that authorities should not restrain the emergence of new products on the cryptocurrency markets, on the basis of alleged “problems with bitcoin”.
According to pierce, the SEC should not promote a situation where the need to conform to the “comprehensive state regulation” becomes a “necessary condition” and, as a consequence, prevent the products associated with these markets.
It is noteworthy that after Hester pierce stated his disagreement with the negative decision of the Commission at the request of the Winklevoss brothers in the community it was immediately dubbed the “cryptomonas”. Pierce, in turn, considered it an honor and not once addressed the way in its statement, noting that if it really was in this role, you would prefer continuous control of a reasonable degree of freedom.
The Commissioner suggested that the rejection of the Winklevoss brothers on the registration of the exchange-traded Fund (ETF) was due to the confidence of specialists SEC that bitcoin markets have shortcomings in infrastructure.
She recalled that the SEC was clear: in the case of the Winklevoss brothers failure had no relationship to the evaluation of bitcoin for its allocation to a particular asset class.
Citing the text of the opinion of the SEC, which States that “the refusals were not based on an assessment of how bitcoin and blockchain technology in a broader sense, the availability of utility or value when considering the quality of innovation or investment vehicle,” pierce noted that a negative decision in itself showed the high attention of SEC to bitchology markets, not by ETF.
“The Commission has focused on alleged deficiencies bitkoenig markets, instead of to concentrate on that, did the exchange, offering to trade stocks trust Fund, steps to ensure orderly trading in these shares,” said Hester pierce.
In its considerations, if the regulator will continue to focus on the markets of bitcoin and other cryptocurrencies instead of the products themselves or the tools such as the ETF funds, the tool of public trading, approved by SEC, will never appear on American markets.
It should be noted, the Commissioner also mentioned that currently the cryptocurrency markets remain inaccessible for many investors due to a number of challenges to entering these markets requires a specific set of knowledge and “some technical know-how.”
“This complexity leads to the fact that only a very limited type of investors can implement capabilities in the area of diversification that can provide such assets. Entrepreneurs develop new products by which people can gain access to the cryptocurrency indirectly, or hedge their savings in bitcoin,” says pierce, as an example, pointing to futures on bitcoin, already traded on the market.
In the opinion of the Commissioner, if the SEC doubts about the appropriateness of referring to the cryptocurrency asset class linked to the lack of infrastructure and stability, the regulator should focus on ensuring the necessary infrastructure of these markets so that they become available to a larger number of investors.
We will remind, in the end of last month it became known that the SEC will reconsider the decision at nine by bitchology ETF. In addition, as we have already mentioned, the hope is to register your Fund, the regulator reappeared and the brothers Winklevoss.