SEC member Hester Peirce, who stands out with her crypto-friendly rhetoric, recently interviewed Coinage founder and former Yahoo Finance correspondent Zack Guzman on crypto regulations.
Drawing attention to the regulatory uncertainty in the crypto industry, Hester Peirce argued that this uncertainty harms the American people.
Peirce, also known as the “Crypto Mother”, evaluated the recent increase in spot Bitcoin ETF applications.
Stating that the SEC’s stance on spot BTC ETF applications is deliberate compared to other ETFs, Peirce also added that this stance of the SEC is not consistent.
“There is a lot of interest in spot products in other countries as well as in our country, and there have been spot ETFs approved for a long time in other countries.
I think the SEC is not consistent in rejecting spot products. Because I think the SEC can apply its reasoning for approving a futures product to spot products as well. I think there is the same logic under both products.
Also, regulatory uncertainty in the US crypto industry stems from the SEC, creating a harmful situation for the American public.
I know there are a lot of people who criticize the SEC at this point, and I usually criticize my own agency a lot about it.
And I think one of the reasons I and some are critical is the lack of a sensible regulatory framework in the crypto space.
This uncertainty forces companies or major projects to consider unnecessary options to leave the US, adapt or shut down completely.
The most important question the SEC should ask itself at this point is ‘Why is there still no regulatory clarity for the crypto industry?’ is the question.”