Bitcoin backers urge SEC to shift view on exchange-traded funds

“We have a new leadership at the SEC, and with a new leadership there is at least an opportunity to rethink that,” said Chippas of ErisX.

representative Brad Sherman, D-Calif., A cryptocurrency skeptic, said the SEC’s focus should be elsewhere.

“It’s hard to imagine that testing and approving cryptocurrency ETFs is the best use of the Commission’s limited time and resources,” Sherman said in an email. “Cryptocurrencies will either eventually become practical currencies and even more useful tools for cyber criminals, tax evaders, terrorists and human traffickers. Or they will not prevail as a currency and their value will decline, which will harm investors. “

The SEC has yet to designate Bitcoin as a security and does not regulate it. The Commodity Futures Trading Commission regulates Bitcoin futures. As a result, states have become independent, leaving a patchwork of regulations across the country. New York, for example, requires companies to obtain a “BitLicense” when making virtual currency transactions.

“Digital assets are here to stay,” said Sen. Cynthia Lummis, R-Wyo., The first senator to own bitcoin, according to Fortune magazine. Your state pioneered a regulatory framework for cryptocurrencies.

Comments are closed.