+ 2.58
+ 0.78%
+ 2.29
+ 0.66%
+ 2.93
+ 0.7%
+ 1.55
+ 0.91%

SEC Commissioner Peirce Thinks It's Time For Bitcoin ETP

February 11, 2021 7:00 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
SEC Commissioner Peirce Thinks It's Time For Bitcoin ETP

U.S Securities and Exchange Commissioner Hester Peirce says that the country is ready for a Bitcoin exchange-traded product (ETP).

What Happened: According to the regulator, the U.S capital markets are ready for a Bitcoin ETP, and people are eager to trade one.

“If we don’t give them a natural way, which I think would be an ETP, they are going to look for other ways to do it.”, she said to CoinDesk TV earlier today.

Why It Matters: Crypto ETPs have become an incredibly sought-after investment product in Europe. Zurich based 21Shares recently saw its suite of crypto ETP’s hit $500 million in assets under management after a surge in the prices of its basket of cryptocurrencies.

The ETP issuer launched its first fully collateralized crypto ETP basket in November 2018 with $5 million in AUM. Since then, the company has over 12 products listed on European exchanges and over $500 million in AUM.

“It took others in the market almost two years to catch up with our innovative concept.”, said CEO of 21Shares, Hany Rashwan.

Last week, the firm announced the launch of the world’s first Polkadot ETP (ADOT), which has amassed $9 million AUM, as of Feb. 11. 

In the U.S, however, ETP issuers have not managed to successfully get a license to issue one from the SEC.

The SEC has received numerous applications for Bitcoin ETPs and has rejected them all. In August 2018, it reportedly rejected 9 ETP proposals in a single day.

Image: WikiMedia

Related Articles

Traders Of Crypto Report: 70% Of The Decade's Largest Financial Hacks Involve Stolen Bitcoin

The past decade’s most significant financial hacks have been a crypto heist of some kind. read more

Crypto Broker Voyager Digital's AUM Crosses $2.4B After Record-Setting Month

Voyager Digital Ltd (CNSX: VYGR), a crypto-asset trading platform for retail and institutional investors, has witnessed a record-setting month. read more

Opinion: The Doge Days Are Over. You Invested in Dogecoin, Now What?

This column does not necessarily reflect the opinion of the editorial board of Benzinga. Everybody familiar with traditional investing knows that penny stocks are rife with fraud and scams. read more

Could Ripple's (XRP) Latest Legal Win Be 'Game Over' For The SEC Lawsuit?

Ripple, the company linked to the XRP (XRP) token, has secured yet another goal in its legal match with the U.S. Securities and Exchange Commission by getting a right to see how the regular determines which cryptocurrency is a security, CoinDesk reported Tuesday. read more