SEC Commissioner concerned about the US lagging behind global Bitcoin ETFs

“We’re not a merit regulator, so we shouldn’t be in the business of deciding whether something is good or bad,” SEC Commissioner Hester Peirce said.

Securities and Exchange Commissioner (SEC) Hester Peirce voiced concerns over the United States lagging behind global jurisdictions in adopting cryptocurrency exchange-traded funds (ETF).

During an online appearance at the Bitcoin (BTC) conference “The B Word,” Peirce pinpointed that many other countries like Canada have already been trading crypto ETFs so far, while the U.S. is still deciding on whether to approve such a trading instrument, stating:

“I would never have imagined that I would be in this situation where we would not yet have approved one and other countries are moving ahead.”

The SEC Commissioner also mentioned her concern that the U.S. regulators could be overstepping their remit by forcing the local crypto industry to play by a separate set of rules than anyone else.

“We’re not a merit regulator, so we shouldn’t be in the business of deciding whether something is good or bad, an investor is thinking of their entire portfolio, and sometimes we’re thinking in one-off terms of a particular product standing on its own, and we forget that people are building portfolios,” she noted.

Peirce’s latest remarks come in line with her recent criticism of the U.S. crypto regulation as the SEC Commissioner last month once again urged authorities to refrain from their efforts to overregulate the crypto industry. Despite calling for a softened regulatory stance on crypto, the Commissioner still believes that clear crypto rules are critical for the industry to thrive without fear of breaking the law. A long-running crypto advocate, Peirce is widely referred to as “Crypto Mom” in the crypto community.

As previously reported, the U.S. regulators have delayed multiple approvals on crypto ETFs recently after consistently postponing such decisions over the past several years. In the meantime, some countries worldwide have already approved or launched Bitcoin ETF trading, with 3iQ and CoinShares’ Bitcoin ETF going live on Toronto Stock Exchange in April. Canadian fund managers like Purpose Investments and Evolve Funds Group previously launched Bitcoin ETF trading as well.