SEC Faces Strong Criticism from Commissioner Peirce
In a recent post on the SEC’s newsroom blog, SEC Commissioner Hester Peirce expressed her thoughts on the approval of several Bitcoin spot exchange-traded products (ETPs) by the Securities and Exchange Commission. She noted that this approval came more than a decade after the initial application for a Bitcoin ETP, including Bitcoin exchange-traded funds (ETFs), was filed. Peirce suggested that the SEC’s decision to approve these products was influenced by a recent court ruling that criticized the reasoning behind the rejection of a Bitcoin ETP proposal last year.
Peirce highlighted the fact that the SEC’s previous refusals had created a moving target for Bitcoin ETP applicants, while similar products were routinely approved. This had resulted in higher costs and less convenient options for investors looking to gain exposure to Bitcoin.
House Majority Whip Tom Emmer (R-MN) praised the SEC’s change of heart, describing it as a victory for an emerging industry that had been fighting against significant obstacles. He characterized the SEC’s previous stance as tyrannical bureaucratic roadblocks.
Despite the approval of the ETPs, Peirce made it clear that the decision was made reluctantly, and she criticized the SEC for wasting a decade of opportunities. She argued that the agency should have applied the same standards used for other commodity ETPs, allowing Bitcoin products to be launched years ago.
In other news, Robinhood has announced its plans to support spot Bitcoin ETFs as soon as possible. Follow us on Google News for more updates.
