The U.S. Securities and Exchange Commission (SEC) has once again rejected an application to launch an ETF on the bitcoin. SEC Commissioner Hester Pierce criticized the agency for not keeping up with the times.
The SEC this week rejected an application to launch a bitcoin ETF from NYSE Arca and Wilshire Phoenix. In response, Esther Pierce published a statement in which she stressed that "the Commission has again rejected the application, which would allow U.S. investors to access the bitcoin through a product placed and traded on the national securities exchange.
Pierce noted that the SEC has created a "unique and overstated standard" for ETF launch applications involving cryptov currencies and digital assets. In her view, the SEC's general mood "impedes institutional development and innovation.
"This refusal was another in a long list of similar solutions by the SEC. This convinces me that the Commission is simply unwilling to approve a product that provides access to bitcoin. No application will ever meet the ever-changing standards that the SEC applies to, and only to, cryptographic products. This approach is frustrating because it shows a high degree of tolerance for innovation," said the SEC commissioner.
This is not the first time that Pierce has criticized the SEC for being overly cautious about ETFs at bitcoin. She made the same statement in early June 2019.
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