SEC Approves Bitcoin ETPs After a Decade of Delays
The Securities and Exchange Commission (SEC) has finally approved several Bitcoin spot exchange-traded products (ETPs), but one commissioner believes the decision came too late. SEC Commissioner Hester Peirce stated in a blog post that the approval comes more than 10 years after the first application for a Bitcoin ETP was filed. She attributed the SEC’s change of heart to a recent court ruling criticizing the rejection of a Bitcoin ETP proposal last year.
A Long and Costly Wait for Bitcoin Investors
Peirce argued that the SEC’s past refusals caused unnecessary delays and increased costs for Bitcoin ETP applicants, while comparable products were routinely approved. This led to limited options for investors seeking exposure to Bitcoin. Despite approving the ETPs, Peirce expressed disappointment, stating that the SEC had wasted opportunities over the past decade.
Congressman Applauds Industry Persistence
House Majority Whip Tom Emmer praised the SEC’s decision, commending the emerging industry for its perseverance against bureaucratic obstacles. In a tweet, Emmer called it a victory for an industry fighting for the future of the country.
Hot Take: SEC’s Delayed Approval Reflects Missed Opportunities
The SEC’s approval of Bitcoin ETPs after years of rejections is seen as both a positive development and an acknowledgement of missed opportunities. While investors now have access to these products, Peirce believes that the SEC should have adopted the same standards applied to other commodity ETPs, allowing Bitcoin products to launch much earlier. The long wait and repeated rejections have cost investors time and money, hindering innovation in the crypto space.
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