EddieJayonCrypto
11 Jan 24
The US Securities and Exchange Commission has approved spot bitcoin exchange-traded funds, marking a significant shift in policy after years of rejections. SEC Commissioner Hester Peirce, a proponent of the approval, commends the applicants' perseverance in the face of regulatory obstacles. She beli...
The US Securities and Exchange Commission has approved spot bitcoin exchange-traded funds, marking a significant shift in policy after years of rejections. SEC Commissioner Hester Peirce, a proponent of the approval, commends the applicants' perseverance in the face of regulatory obstacles. She believes the regulator should have embraced spot bitcoin ETFs, given the years of trading experience with other bitcoin-based products on regulated US exchanges. However, Commissioner Mark Uyeda raised concerns about the approval order, citing issues with the validation of the "significant size" test and the motivation for accelerating the approval. Fellow Commissioner Caroline Crenshaw dissented from the approval, expressing concerns about potential sacrifices to investor protection and the departure from statutory and foundational mandates.
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