SEC Commissioner Spoke in Support of Winklevoss Twins' ETF
July 31, 2018
A few days ago, the US financial regulator Securities and Exchange Commission (SEC) refused to license the first ever Bitcoin ETF, launched by Winklevoss twins. Shortly after that, Hester Peirce, a commissioner of SEC, publicly disagreed with the decision, saying that the first cryptocurrency needs a financial instrument to be attached to it.
SEC refused to license the ETF because the project failed to ensure, that it will be safe from price manipulations. The regulator also told in the release, that the project lack liquidity.
Hester Peirce expressed her complete disagreement with SEC's verdict, saying that Bitcoin is mature enough to be presented in the US stock market and that the cryptocurrency has the working system of self-regulation.
Pierce said, that this ill-considered verdict will have a negative impact on investors, because SEC stated that the cryptocurrency is unworthy to be institutionalized. She added, that other SEC commissioners ignored the fact, that come large banks, such as Goldman Sachs, JPMorgan, or Morgan Stanley, have been working on the integration of Bitcoin and making it available for institutional customers. The majority of those companies also disagree with the decision of SEC.
The cryptocurrency community also disagrees with the decision. Many members of it are disappointed, that SEC does not realize, that Bitcoin is a self-sufficient and mature financial instrument. They believe, that Bitcoin has to be supported and developed, as the future of the financial market belongs to cryptocurrencies.