Surely this news surprised all of the cryptocurrency community: Commission on securities and stock exchanges of the USA (SEC) has decided to reconsider a decision to cancel a Bitcoin ETF, adopted on Wednesday.
Initially, the SEC rejected requests for creation of three cryptocurrency exchange-traded funds, justifying its decision with the risk of price manipulation in Bitcoin, and the lack of regulation in many exchanges.
SEC Commissioner Esther pierce explained what is happening in his Twitter account, writing that the SEC will often delegate the same decision to the employees and reserves the right to review and change decisions even after made official statements:
“Orders to the staff of the regulator remain on the Commission under the rules of the SRO. In other words, the Chairman and the commissioners delegate some tasks to the rest of the staff. Therefore, all actions of the employees fall under the direct responsibility of the Commission. The SEC may revise their work, that is happening now”
In the past the Commissioner Pearce expressed his disagreement with the decision of the SEC to reject the application on the Winklevoss twins create Bitcoin ETF:
“If we approve of the Bitcoin ETF, investors could decide to buy or not to buy. Actions of the Commission deprived them of choice. I do not recognize the position of “Butler, who slams the door on innovation” — a role that is very different (and, one might even say incompatible) with our mission to protect investors, foster capital formation and promote fair, orderly and efficient markets,” Pearce said in conclusion: “Consequently, I do not agree”.
Commissioner pierce also provided a copy of the letter to the NYSE, explaining that the Chairman of the SEC, Jay Clayton and his associated commissioners will carefully examine each application for the establishment of BTC-ETF to make a fair decision. Although in the letter and not the date of consideration of demands, it nevertheless gives hope to all who follow cryptocurrencies.