Approving a spot crypto ETF is 'all about political power' — Perianne Boring
Perianne Boring, founder and CEO of 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 chair Gary Gensler, suggesting politics played more of a role than economics.
Speaking to Cointelegraph at the Texas Blockchain Summit in Austin on Nov. 18, Boring said the events surrounding FTX’s collapse may have “emboldened the regulation by enforcement approach” from the U.S. Securities and Exchange Commission and Treasury, with Republican lawmakers likely to focus on oversight using their House majority in the next Congress. According to the Chamber of Digital Commerce CEO, passing any kind of legislation — including bills on crypto, blockchain, and stablecoins — will be “incredibly difficult” in a divided government, making the possibility of executive orders and regulation by enforcement more likely.
“In the House side, we’re going to see increased oversight efforts, but I don’t think crypto is actually going to be the priority,” said Boring. “Oversight hearings [...] they’ll have subpoena authority, they have the authority to administer oaths, so they could bring in different people within the agencies to scrutinize their approach to digital assets.”
The Chamber CEO suggested the seeming lack of urgency from Congress could delay the passage of crypto-related legislation, while a Bitcoin (BTC) exchange-traded fund, or ETF, was in the SEC's hands:
Did you know the industry has been trying to bring a spot #bitcoin ETF to market since 2013? Almost 10 years in the making and we still don't have one. Begs the question: why? Our report breaks this down and more https://t.co/QdnstH1rpa
Related: Chamber of
Read more on cointelegraph.com
