SEC and CFTC
  • Hester Pierce from the SEC and  Brian Quintenz from the CFTC were attending an event at the Bipartisan Policy Center and gave their views on Bitcoin ETF.
  • Pierce stated that the SEC is still unwilling to sign off on a Bitcoin ETF.

The two regulatory bodies of the United States, SEC and CFTC, came together at the Bipartisan Policy Center, during an event called “The Year ahead for Capital Markets.” In the event, the two bodies talked about Bitcoin futures contracts and Bitcoin exchange-traded funds (ETFs). The SEC commissioner, Hester Pierce said:

“At the SEC we’ve been unwilling to sign off on a Bitcoin ETF, an exchange-traded product based on Bitcoin. My concern about our approach in that area is it looks a little bit like a merit-based approach judging the underlying bitcoin markets.”

Pierce further shed light on the unregulated nature of the cryptospace saying: “There are lots of markets that aren’t regulated but we nevertheless build products on top of them.”

Commodity Futures Trading Commission’s Brian Quintenz was also at hand to voice his opinions on the subject. According to him, jurisdiction is required to make sure that the futures contracts are not vulnerable to fraud.

Quintenz also stated that CFTC has fraud and enforcement jurisdiction only in the commodity space, so it is of paramount importance that entities formed a unified self-regulatory structure for the examination of ICOs.