“The market isn’t regulated enough, so we can’t start regulating it” is, in my opinion, an apt encapsulation of where the SEC is right now with respect to approving a Bitcoin/cryptocurrency ETF.
The recent news about Intercontinental Exchange (ICE) creating the regulated cryptocurrency market Bakkt is a positive in that the SEC and other regulators may become more comfortable with sector overall due to their participation.
With that said, I believe Commissioner Peirce's optimism is justified. After all, her optimism is a signal that we should be optimistic as well!