SECS Head of Crypto Task Force criticizes the ETF approval process and highlights the need for patience

The head of the crypto-act force of the US Securities and Exchange Commission (SEC), Hester Peirce, said that the decades of process, which had led to the approval of Spot Bitcoin Exchange Fund (ETFS), was abused, and asked the crypto market with ongoing regulatory delays.

In an interview about Bloomberg's trillion podcast, Peirce started the slow pace of permits for crypto-based financial products and explained that the SEC works with legal disputes and internal consultations in connection with digital assets.

Added it

“People have to be patient. We have ongoing legal disputes that we want to work through. We have many other considerations.”

Peirce is a long -known advocate of the crypto industry that brought her the nickname “Crypto Mom”. She has it too was a loud critic of how the Commission dealt with the Spot Bitcoin ETF check -checking process before it was admitted in January 2024.

At that time, she made a public explanation in which the process was “terribly false” and said that the SEC's explanation for the reversal of his previous rejections was “weak”. She added that the delays had “alienated a generation of product innovators in our room.

ETFs do not guarantee legitimacy of the assets

From April 21st, the Sec had 72 ETF applications that are waiting for approvalincluding derivative. After a The latest batch of decision -making delaysBloomberg ETF analysts believe that the regulatory authority will take its time to the last deadlines set for October.

In the course of the regulatory discussions, Peirce repeated that the participants of the institutional and retail market had to wait for further clarity. She added that “a lot is going on” and that the workload of the agency includes legal disputes and complex directive issues in connection with new financial instruments.

Remarkably, the SEC met with the actors in the industry and carried out round tables in order to discuss various aspects of the crypto industry.

Regardless of the decisions of the regulatory authority on these submissions, Peirce made it clear during the interview that the approval of a product of the SEC does not correspond to confirmation of its investment value.

She said:

“If something becomes effective, the SEC illuminates a little green, this does not mean that we tell people that this is a good investment for everyone or for them. People have to make this decision for themselves.”

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