Peirce talks BitMex as feds pursue Hayes and crew


New reports on cryptocurrency policies suggest that Crypto Mom approves of sending BitMex to its room.

Reporters characterize SEC Commissioner Hester Peirce’s comments on CFTC charges against the BitMex exchange as saying the enforcement action sends a “loud and clear signal” to those who would ignore or flout anti-money laundering and know your customer standards.

Peirce was also asked about the prospects for a Bitcoin ETF, on which we have seen slow walking over several years by the SEC and related agencies.

“In the US, we have a tradition of believing that people should be free to make decisions for themselves and then be responsible for the consequences,” Peirce reportedly said, while clarifying that of course all related efforts have to comply with the vagaries of U.S. law. “And I don’t know why that wouldn’t apply in an area like a Bitcoin exchange-traded product where you see a lot of interest from people in getting exposure to Bitcoin. This is one way that would be easy for people to get exposure to Bitcoin.”

Just ask anyone associated with the Van Eck SolidX proposal, or any number of failed plans to introduce a Bitcoin ETF, and you’ll see how adamantly some U.S. officials are opposed to letting investors in.

We cover that on this platform because a Bitcoin ETF would be such a groundbreaking opportunity for people who don’t really understand how to invest in Bitcoin the way things are.

There’s an appetite for this kind of low-barrier participation, but until it’s greenlighted, many of these people will not take the time and effort to find alternative avenues, for example, learning about competitive digital wallets. There’s also a need to train the rank and file of U.S. tax preparers to handle the reporting of crypto assets on annual filings. Will it happen? Write us, and let us know.