Perianne Boring, founder and CEO of blockchain advocacy group Chamber of Digital Commerce, has placed the lack of approval of a Bitcoin exchange-traded fund in the United States squarely on Securities and Exchange Commission Chairman Gary Gensler. , suggesting that politics played more of a role than economics.
Speaking to Cointelegraph at the Texas Blockchain Summit in Austin on Nov. 18, Boring said events surrounding FTX’s collapse may have “emboldened the regulation by enforcement approach” of the Securities and Exchange Commission and the United States Treasury, with Republican lawmakers likely to focus on oversight. using their House majority in the next Congress. Digital Chamber of Commerce CEO says passing any type of legislation – including crypto, blockchain and stablecoin bills – will be “incredibly difficult” in a divided government, making it more likely the possibility of executive orders and regulation by application.
“On the House side, we’re going to see increased surveillance efforts, but I don’t think crypto will really be the priority,” Boring said. “Review hearings […] they will have the power to subpoena, they will have the power to swear an oath, so they will be able to bring in different people within the agencies to look at their approach to digital assets.
The House CEO suggested that the apparent lack of urgency in Congress could delay the passage of crypto-related legislation, while a Bitcoin (BTC) exchange-traded fund, or ETF, was in the hands of the SEC:
“It has been a decade since the first spot Bitcoin ETF was offered […] We still don’t have one, but we do have a Bitcoin futures ETF. So how does this make sense? It’s all about political power, so it really comes down to Chairman Gensler.
Did you know that the industry tried to bring a place #bitcoin ETFs on the market since 2013? Almost 10 years in the making and we still don’t have one. The question arises: why? Our report breaks this down and more https://t.co/QdnstH1rpa
— Perianne (@PerianneDC) October 7, 2022
Boring clarified that Gensler prioritizes oversight of crypto exchanges before the SEC approves any one-time crypto investment vehicle. Under the chairmanship of the SEC, the financial regulator refused or delayed decisions on many applications for spot crypto ETFs, including from Grayscale, Bitwise, VanEck and ARK 21Shares. Shades of grey sued the government agency in June following its latest ETF rejection.