The crypto industry is eagerly awaiting approval of dozens of crypto ETFs from the Securities and Exchange Commission, but that enthusiasm does not necessarily mean a quick review of the filing. “People need to be patient,” said SEC Commissioner Hester Perth.
“There’s a lot going on,” she said when it comes to reviewing the submissions for these exchange trade products. Interview There’s a Bloomberg “Trills” podcast. Peirce leads the SEC Cryptographic Task Force It was launched earlier this year and has earned the nickname “Crypto Mom” thanks to support from digital assets.
Bloomberg reports that more than 80 crypto-related ETP filings are currently available at SEC desks. These include requests for products that track the price of altcoins such as Solana and XRP, as well as meme coins related to President Donald Trump and First Lady Melania Trump.
Peirce explained that the SEC has a “limited number of people” working on Crypto ETP filing.
“There are a lot of people who want to do things (and) have to be patient,” she added. With each submission, the SEC has many considerations to consider, such as whether the submission meets the technical requirements set out by the committee, and if there is an ongoing related lawsuit. There are many factors that “can complicate things.”
Peirce added that in the collection of public information from the agency, he received comments from one exchange that suggests that the SEC consider the general listing criteria on the ETP side.
“It’s a request that really resonates with me,” she said. “There’s a lot to do and we have to think about how to do it the most efficient way.”
January 2024, 11-spot Bitcoin ETF, etc. iSharesBitcoin TrustETF (ibit) and Fidelitywise Origin Bitcoin Fund (FBTC)has begun trading In the US, it follows the long-awaited green light of the SEC. But the approval process that led to that monumental day was “severely mismanaged,” Perth said.
It’s not the first time she’s criticized the process. At the time she issued an a statement The SEC says it provided a “weak explanation of change in mind” for approval over a decade after the first spot Bitcoin ETP filing.
The gusts of spot Bitcoin funds that hit the market were less common than the staggered launches we normally see. When asked what approach investors could hope for in recognition of future Crypto ETFs, Peirce explained that the priority is to encourage people to have a good application, have a good conversation with us, and help them think about how to prioritize getting past the work we have.”
The story continues