Is the US ready for a Bitcoin ETF? The Chamber of Digital Commerce thinks so.
The crypto advocacy group pushed back against the SEC citing its obligation to protect investors in denying the approval of a Bitcoin ETF, saying its actions encouraged investors “to acquire their exposure [to crypto] in a less regulated and/or foreign environment where they are much more susceptible to unscrupulous actors and the risks of self-custody.”
“The SEC has now positioned itself as a merit regulator on this matter. It has determined that the American public cannot yet handle the responsibility of familiar, cost-effective, liquid, transparent and regulated access to the Bitcoin markets. Unfortunately, the cost of this position has fallen, and will continue to fall, on U.S. investors and the U.S. capital markets.”Chamber of Digital Commerce founder and CEO Perianne Boring in a Monday interview on Fox Business.
According to the report, part of the motivation behind the SEC continuing to deny BTC ETF applications may be political. The CDC said SEC chair Gary Gensler’s efforts to expand the authority of the regulatory body to include many crypto products was effectively a “jurisdictional land grab.” The group claimed his positions also cut off much of the engagement between regulators and token issuers.
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