Commissioner of the SEC Commission urged to speed up the approval process of Bitcoin-ETF

Commissioner for the Securities and Exchange Commission of the United States (SEC) Hester Pierce said that her office was too cautious about the approval of exchange-traded funds (ETF) based on cryptocurrency , and called for speeding up the process. Reports about it Financial Times.

Last month, Pierce has already said that the SEC "stifles the ETF with its personal attention, as if talking about babies."

At the moment, asset managers who intend to launch an ETF must apply in accordance with the Investment Company Act (1940), which, according to many experts, is quite strict regarding cryptocurrency funds.

Note that Pierce reiterated her support for the Bitcoin-ETF from the Winklevoss brothers, whom the SEC refused last summer.

In May, the agency once again postponed consideration of applications for the launch of Bitcoin-ETF from Bitwise Asset Management and VanEck / SolidX.

Despite this, the NYSE Arca recently submitted to the SEC a request to change the rules for listing securities from an investment bitcoin trust managed by Wilshire Phoenix Funds.

This is not the only company that intends to launch Bitcoin-ETF on the NYSE Arca. On May 9, the SEC received an application from Crescent Crypto Index Services LLC to create an index fund, which should track not only the quotes of the first cryptocurrency, but also Ethereum.

Publication date 04/06/2019
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