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We have new leadership at the SEC, and with new leadership there is at least an opportunity for reconsideration, ErisXs Chippas said.
Cryptocurrency skeptic Rep Brad Sherman, D-Calif. Said the SEC’s attention should be elsewhere.
It’s hard to imagine that reviewing and approving cryptocurrency ETFs is the best use of limited commission time and resources, Sherman said in an email. Cryptocurrencies will eventually become convenient currencies and become even more useful tools for cybercriminals, tax evaders, terrorists and human traffickers. Or they will not be recognized as currency, and their value will decline, hurting investors.
The SEC has yet to qualify bitcoin as a security and does not regulate it. The Commodity Futures Trading Commission regulates bitcoin futures contracts. As a result, states have moved forward on their own, leaving a patchwork of regulations across the country. New York, for example, requires companies to obtain a BitLicense if they transact in virtual currency.
Digital assets are here to stay, Sen said. Cynthia Lummis, R-Wyo., The first senator to own bitcoin, according to Fortune magazine. His state pioneered a regulatory framework for cryptocurrencies.
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