SEC Commissioner Criticizes Delay in Spot Bitcoin ETF Approvals
SEC Commissioner Hester Peirce has expressed her disapproval of the delay in approving spot bitcoin exchange-traded funds (ETFs). Peirce emphasized that the agency’s arbitrary treatment of applications in the crypto space will not only damage its reputation but also hinder its ability to effectively regulate the markets.
SEC Approves Multiple Spot Bitcoin ETFs
In response to the SEC’s approval of 11 spot bitcoin ETFs, Commissioner Peirce issued a statement. She deemed the approval as the end of an unnecessary and lengthy process that could have spanned over a decade. Peirce also highlighted that bitcoin-based products have been successfully trading under different regulatory regimes for years.
Commission’s Prejudice Against Bitcoin
Commissioner Peirce criticized the SEC for its prejudice against bitcoin, as the agency had rejected previous applications due to concerns about market manipulation and the perceived immaturity of the bitcoin market. She stated that the SEC squandered opportunities to approve these products earlier and only changed its stance after a court ruling.
Impact on Retail Investors and Trust
Commissioner Peirce highlighted that the SEC’s delay in approving spot bitcoin products forced retail investors to seek less efficient means of gaining bitcoin exposure. She argued that the arbitrary treatment of applications in this area would harm the SEC’s reputation and diminish public trust, making it difficult to regulate the markets effectively.
Hot Take: SEC Commissioner Slams Regulatory Delay for Spot Bitcoin ETFs
Commissioner Peirce strongly criticized the SEC for its delay in approving spot bitcoin ETFs. She pointed out that this delay not only hinders the agency’s ability to regulate the markets effectively but also damages its reputation and public trust. Peirce emphasized that the SEC’s prejudice against bitcoin and the inconsistent treatment of applications have resulted in missed opportunities for investors and unnecessarily higher costs. The approval of multiple spot bitcoin ETFs marks the end of a lengthy process, but Peirce believes that the SEC should have taken action much earlier to support innovation in the crypto space.
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