In an interview with Bloomberg Tv, SEC Commissioner Kara Stein explained the supervisory body’s approach toward fintech and the BTC ETF.
On this issue, she said: “We have several companies that have proposed crypto funds and we are taking them very seriously”.
The SEC has prepared a letter in which they highlight the basic factors that need to be addressed by those who want to work on this issue, the Commissioner lists the following as an example:
- the evaluation of cryptocurrencies;
- their liquidity;
- the safekeeping of tokens.
The SEC therefore closely monitors whether these problems are being addressed and resolved.
The Commissioner compares the fulfilment of these basic criteria with having the basic safety equipment, such as belts and airbags, in a car, so the SEC will not accept products that want to venture onto the market without a viable solution.
She also wonders if in the future we will actually see this bitcoin ETF come to light, but there is no answer to this question because everything will depend on how the companies manage to respond to the requests.
The interviewer then asks the Commissioner if bitcoin is a currency or a security and on this subject, Stein replies by saying that everything depends on the use made of it and that the determination of the nature of an asset is not a priori, but on the basis of the uses made of the blockchain, without aprioristic positions.
However, the SEC will continue to follow the evolution of the market, and, above all, will continue to see where the money goes, to assess whether there is a need for more regulation or not.
