Securities and Exchange Commission Chairman Jay Clayton may feel that his agency is getting closer to approving an index fund tracking cryptocurrencies, but it’s apparently not close enough for the Chicago Board Options Exchange, which just withdrew its application to create a Bitcoin EFT.
Securities and Exchange Commission Chairman Jay Clayton said that agency is closer to approving a cryptocurrency ETF that would let retail investors invest in bitcoin through mainstream brokerage accounts.
Hester Peirce doesn’t want the government to protect you from dumb cryptocurrency investments. Speaking at a taping of Laura Shin’s Unchained podcast at NYU’s Stern School of Business on March 26, the Securities and Exchange Commission’s “Crypto Mom”—a nickname she picked up after dissenting from the commission’s June 2018 decision not to approve a cryptocurrency exchange traded fund (ETF)—expressed a belief that her agency should be focused on protecting securities investors from fraud, not hindering speculation.
Last week, two leaders of the Securities and Exchange Commission addressed the issue of cryptocurrency regulations, and the main takeaways were that while the approval of exchange traded funds and clarification of initial coin offering rules was likely to happen, it’s not likely to be anytime soon.