SEC Commissioner Supports Approval of Bitcoin ETF
The Securities and Exchange Commission (SEC) and its chair Gary Gensler have shown reluctance to approve a spot bitcoin exchange-traded fund (ETF). However, SEC Commissioner Hester Peirce is in favor of approving such a product. In an interview with CNBC, Peirce expressed her support, stating that she has believed in approving a bitcoin ETF for the past five years and finds the logic behind the delay mystifying.
Gensler recently announced that the SEC is reviewing multiple spot bitcoin ETF applications from major financial firms like Grayscale, BlackRock, Invesco, Valkyrie, and Fidelity. Pressure to approve the product has been increasing, with the crypto industry and some US lawmakers advocating for faster approval.
Grayscale’s Efforts and SEC Proceedings
Last week, Grayscale filed a new registration statement with the SEC to convert its Grayscale Bitcoin Trust into a spot bitcoin ETF. This move followed a court ruling directing the SEC to re-review Grayscale’s application. The SEC also initiated additional proceedings last month to determine whether proposed spot bitcoin ETFs should be approved or disapproved.
Peirce’s Distinct Viewpoint
Peirce’s stance on the bitcoin ETF differs from that of other SEC staff members. While she supports its approval, she cannot speak for her colleagues’ approach to the topic.
Hot Take: Potential Approval of Bitcoin ETF
The approval of a spot bitcoin exchange-traded fund has been a subject of debate within the Securities and Exchange Commission. While some officials, including Gary Gensler, have shown hesitation, Commissioner Hester Peirce supports its approval. The pressure to approve a bitcoin ETF has intensified as major financial firms like Grayscale, BlackRock, and Fidelity have submitted applications. Additionally, the crypto industry and certain US lawmakers have been pushing for faster approval. Grayscale’s recent filing to convert its Grayscale Bitcoin Trust into a spot bitcoin ETF adds to the ongoing discussions. It remains to be seen whether the SEC will ultimately approve a bitcoin ETF.
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