SEC Commissioner: BTC ETF Will Be Approved When The Industry Matures

SEC Commissioner Robert Jackson who is a bitcoin skeptic, says that the agency will approve Bitcoin ETFs once the industry matures. According to him, the agency has some disagreements over how to regulate crypto but in the altcoin news below we will find out how the issues can be solved.

The SEC Commissioner is suspicious of bitcoin but did mention that the agency will look into cryptocurrency more favourable only when the market becomes more liquid and transparent but also once the big players join. He noted:

 “When the markets reach that stage, I fully believe we’ll have an SEC that’s ready to move forward with approving [a bitcoin ETF].”

The SEC rejected a bitcoin ETF application twice which was submitted by the Winklevoss Twins who own the New York-based crypto exchange Gemini. Both of the rejections stated that the failure to demonstrate how their Bitcoin ETF could prevent fraud is one of the reasons for it. In May 2019, the SEC denied a VanEck Bitcoin ETF once again and it seems that it won’t be accepting any soon.

Jackson claims that the regulator is considering whether to approve crypto proposals mainly because it wants to protect the consumers from scams. Also, he noted that the crypto industry has not yet fulfilled the ‘’basic market requirements’’ in order to enable mass trading. However, the SEC Commissioner will step down from the agency in order to teach at NYU Law School this year.

While Jackson is the crypto skeptic in the company, his friend and colleague Hester Peirce is among the bitcoin-friendly people and was named the Crypto Mom on one occasion. Jackson pointed out:

 “We have to take principles that are 80 years old and 90 years old and apply them to [brand-new] technology. And we often disagree about exactly how to do that.”

Pierce was the only one of the five commissioners who wanted to approve the Bitcoin ETF application submitted by the Winklevoss twins in 2018. She said that the rejection would stifle innovation in this industry and the SEC will be in a very weird position for the investors. The agency launched a major crackdown on fraudulent ICOs and Jackson blamed the law companies as noted in the latest cryptocurrency news, for the many ICOs that rolled out in the industry and turned out to be fraudulent.