SEC Commissioner Believes Court Ruling Not Necessary for Ethereum ETF Approval
Hester Pierce, also known as “Crypto Mom,” a commissioner with the United States Securities and Exchange Commission (SEC), has stated that the agency does not require a lawsuit or court ruling to approve pending spot Ethereum exchange-traded funds (ETFs) applications. According to Pierce, the SEC should treat spot Ethereum ETFs in the same way it handles other exchange-traded products without the need for external direction.
An Arbitrary and Capricious Approach
Pierce’s statements are based on the events surrounding the approval of the first wave of spot Bitcoin ETFs by the SEC. In previous years, under different leadership, the Commission rejected several applications for spot Bitcoin products. However, last year, a federal appeals court ordered the SEC to reevaluate Grayscale’s application after the asset management firm sued the agency for rejecting its proposal to convert its Bitcoin Investment Trust (GBTC) into a spot ETF.
The court ruled that the SEC’s approach was arbitrary and capricious, leading to a change in stance towards spot Bitcoin ETFs.
No Need For a Lawsuit on Ether ETFs
Following questions about whether similar fate awaits seven spot Ethereum ETF applications currently with the SEC, Commissioner Pierce emphasized that court intervention is unnecessary. She stated that the SEC should apply regular consideration to these products and not wait for a court ruling to correct any arbitrary and capricious approach.
Hot Take: Crypto Mom Pushes for Fair Treatment of Spot Ethereum ETF Applications
Hester Pierce, also known as “Crypto Mom,” believes that pending spot Ethereum exchange-traded funds (ETFs) applications should be treated fairly by the United States Securities and Exchange Commission (SEC). She argues that a court ruling or lawsuit should not be necessary for the approval of these ETFs, as the SEC should apply the same consideration it gives to other exchange-traded products. This stance is based on the events surrounding the approval of spot Bitcoin ETFs and a court ruling that deemed the SEC’s previous approach arbitrary and capricious. Pierce emphasizes that the SEC can get it right without external intervention.
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