Securities and Exchange Commission (SEC) Commissioner Hester Peirce, often referred to as Crypto Mom since she is the only SEC Commissioner with a favorable view towards crypto, has acknowledged that the SEC will likely never approve a Bitcoin exchange traded fund (ETF) since the SEC is biased and has constantly shifting standards when it comes to Bitcoin (BTC).
Specifically, Peirce says “This line of disapprovals leads me to conclude that this Commission is unwilling to approve the listing of any product that would provide access to the market for Bitcoin and that no filing will meet the ever-shifting standards that this Commission insists on applying to Bitcoin-related products — and only to Bitcoin-related products.”
This statement follows the rejection of the Wilshire Phoenix Bitcoin ETF. The SEC rejected this Bitcoin ETF primarily because of the potential for Bitcoin (BTC) market manipulation and the lack of surveillance.
Essentially, no matter the content of a Bitcoin ETF or how good its application is, the SEC simply says that the Bitcoin (BTC) market is too prone to manipulation to approve a Bitcoin ETF.
Peirce also notes how it is foolish for the SEC to keep rejecting Bitcoin ETFs, since a Bitcoin ETF would provide a safe and properly regulated way for Americans to invest in Bitcoin (BTC).
Overall, it appears a complete regime change at the SEC will be required before a Bitcoin ETF happens, which may take years.