Home CryptocurrencyAltcoin Spot crypto ETF approval is ‘all about political power’ — Perianne Boring

Spot crypto ETF approval is ‘all about political power’ — Perianne Boring

by SuperiorInvest

Perianne Boring, founder and CEO of the blockchain advocacy group Chamber of Digital Commerce, placed the lack of approval of a bitcoin exchange-traded fund in the United States squarely on Securities and Exchange Commission Chairman Gary Gensler, suggesting that politics plays a bigger role than economics . .

In an interview with Cointelegraph at the Texas Blockchain Summit in Austin on November 18, Boring said the events surrounding the FTX collapse may have “strengthened regulation with an enforcement approach” by the US Securities and Exchange Commission and the Treasury Department, with Republican lawmakers likely to focus on oversight. using its House majority in the next Congress. Passing any legislation — including crypto, blockchain and stablecoin laws — will be “incredibly difficult” in a divided government, according to the CEO of the Chamber of Digital Commerce, increasing the likelihood of executive orders and regulation by enforcement.

“We will see increased oversight efforts on the House side, but I don’t think cryptocurrencies will really be a priority,” Boring said. “Oversight hearings […] they’re going to have subpoena power, they’re going to have the power to administer oaths, so they could bring in different people within the agencies to look into their access to digital assets.”

The chamber’s CEO suggested that an apparent lack of urgency from Congress could delay cryptocurrency-related legislation, while bitcoin (BTC) exchange-traded fund, or ETF, was in the hands of the SEC:

“It’s been ten years since the first spot Bitcoin ETF was introduced […] We still don’t have one, but we do have a Bitcoin futures ETF. So how does this make sense? It’s all about political power, so it really depends on Chairman Gensler.”

Related: The Chamber of Digital Commerce says the “time has come” for the SEC to approve a bitcoin ETF

Boring clarified that Gensler prioritized oversight of crypto exchanges before the SEC approves any spot crypto investment vehicle. Under the chairmanship of the SEC, the financial regulator refused or delayed decisions on many applications for spot crypto ETFs, including from Grayscale, Bitwise, VanEck and ARK 21Shares. Grayscale filed suit against a government agency in June after the last rejection of the ETF.

Source Link

Related Posts

%d bloggers like this: