A day ago, the Crypto Mom i.e. Hester Peirce, who is amongst the four Commissioners of SEC had talked about Bitcoin. She also talked about Bitcoin ETF funds and the perspective of the SEC with regard to these funds. She then stated that the approvals of Bitcoin ETF funds have been lingering on for long without any rationale. She suggested that SEC should immediately grant approval and let the people decide their fates if they are willing to put their funds into Bitcoin.
She also suggested that it is not the job of the SEC to grant approvals for crypto-related ETF funds as the authority lacks jurisdiction. However, she also suggested that the new Chairman of SEC has taken over the charge and he has the expertise to correct past mistakes.
But it seems that within the Government, her comments were not appreciated by Government officials. It was expected because what Peirce was suggesting was apparently against the policy of the SEC. In fact, throughout the US and worldwide crypto regulation has become one big major problem. Although, the countries would want to regulate the digital asset industry, yet they are clueless about how they could achieve the desired objective.
However, what Peirce was suggesting had reached the ears of Elizabeth Warren, who is currently a Senator from the US Senate. She is also part of the Economic Policy Committee of the Senate as its Chairman as well. From the platform of the Senate Committee, she insisted that crypto risks are growing in numbers each day. The whole crypto market is a potential risk that is capable of causing irreparable loss to Americans, she said.
Warren then put SEC to task and suggested that SEC is not doing the job it has been entrusted to. She said she has failed to understand why is it taking too long for SEC to come up with the crypto regulation. She even went on to say that it is preposterous to see SEC failing in bringing any common-sense regulations. She stated that the investors cannot be left alone to become victims of fraud at the hands of fraudsters.
She highlighted that the lack of regulatory structure has created a vacuum for criminals. Similarly, the investors, as well as the consumers, have been left at the sole whim and fancy of these manipulators. While on the other hand the traditional financial markets have been exposed to grave danger which will ultimately undermine markets’ security. She further pointed out that SEC has to think out of the box and utilize its force strength to address the issue at hand. She also insisted that Congress would also need to seek updates from SEC for getting the job done.
Warren also told that she has also addressed a letter to Gary Gensler recording her concerns about the delay in crypto regulation.