The Bitcoin market is an innovative financial space that has been recognized by many advanced nations with countries like Taiwan making huge strides toward the implementation of digital crypto assets into their economies. The digital financial ecosystem in the US is falling behind in many aspects, argue representatives of the Chamber of Digital Commerce in the US.
What is going on between the SEC and the CDC?
The chamber has been pushing the idea of the Bitcoin ETF for quite a while. An exchange-traded fund is a good idea that could bring more retail traders into the crypto industry by providing easier, tax-free access to trading the biggest digital asset in the world.
After over 10 years of back and forth between representatives of the crypto community and the SEC, the compromise is still not reached. The SEC continues to deny ETF applications on the grounds of rules and legal standards that were designed to regulate traditional assets and commodities. The reality of the digital economy should be approached differently, with more flexibility, but the SEC is not interested in pursuing such ideas.
The Chamber of Digital Commerce was quite bold in its statements suggesting litigating targeting the SEC’s decisions and a more straightforward approach to reaching their goals of creating a Bitcoin ETF and releasing this product to the market. Another big statement that rings true is that the US has been lagging behind the whole world. Many investors and innovators in the fintech sector do not see any benefits in putting their efforts into creating products for the US economy.
The US is falling behind the rest of the developed world
The Chamber listed several western economies that are already allowing Bitcoin ETFs on their exchanges. Notable examples are Australia, Germany, Canada, and Sweden. Asian markets are leading the global community in terms of allowing BTC trading in all possible forms.
The current SEC stance on the cryptocurrency market is not clear and must be clarified as soon as possible if the United States wants to remain relevant in this dynamically evolving industry that does not tolerate sluggishness and indecisiveness.
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