SEC Commissioner Hester Pierce commented on the approval of ETFs and once again criticized the regulator

Securities and Exchange Commission (SEC) Commissioner Hester Pierce said that over the years, the SEC has led retail investors to less efficient means of trading Bitcoin.

The disproportionate focus on crypto product applications has diverted limited staff resources from other critical work, Pierce said. Over ten years, millions of dollars, time and personnel were wasted simply blocking these products.

She added that the SEC was greatly abusing administrative resources to tell people where to invest and where not to invest.

“If these products had come to market the way other similar products usually come to market, we would have avoided the circus we are now in. We have alienated a generation of innovators. The industry filed hundreds of meetings, filings, findings and amendments, and ultimately had to resort to a costly legal battle to get us to where we are today,” Pierce concluded.

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