SEC Official Declares: No Obstacle to Spot Bitcoin ETF Applications!

  • In the midst of increasing anticipation and excitement, Commissioner Hester Peirce stated that there is no reason for the regulator to stand in the way.
  • The court found that the SEC arbitrarily and capriciously rejected attempts by Grayscale to convert its Grayscale Bitcoin Trust (GBTC) fund into an ETF.
  • Bloomberg reported that the participation of financial giants like BlackRock, Fidelity, and Invesco would contribute to turning the spot Bitcoin ETF market into a $100 billion force.

SEC Commissioner Hester Peirce heightened excitement in the crypto community by providing critical answers to a question about spot Bitcoin ETFs.

SEC Official Speaks About Spot Bitcoin ETF

bitcoin-btc

Amidst growing anticipation and excitement surrounding the possibility that the U.S. Securities and Exchange Commission (SEC) could approve the first spot Bitcoin (BTC) exchange-traded fund (ETF), Commissioner Hester Peirce stated that there is no reason for the regulator to stand in the way.

Indeed, Peirce, speaking about the regulation of crypto assets and other related topics in an interview with Bloomberg’s Kailey Leinz and Sonali Basak on November 21, shared her views on the SEC’s decision-making process regarding spot Bitcoin ETF applications.

When Leinz asked her to shed some light on the ongoing conversations between the issuers applying for these spot Bitcoin ETFs and individuals within the regulatory watchdog, Peirce, who has been transparent about her views on this matter for years, stated:

“There’s no reason for us to stand in the way of a spot Bitcoin exchange-traded product. (…) We’ve had many applications come before us, and I have said that I don’t see a reason to reject them. We got a little push from the court, and now we’ll see where that leads.”

As mentioned by the journalist, the ‘push from the court’ she referred to is related to the lawsuit by crypto asset manager Grayscale; the court found that the SEC arbitrarily and capriciously rejected attempts by Grayscale to convert its Grayscale Bitcoin Trust (GBTC) fund into an ETF.

Impact of the Spot Bitcoin ETF

Meanwhile, the potential approval of a spot Bitcoin ETF has generated significant excitement in the potential transition of crypto assets to Wall Street, as this development would open up crypto investment to institutional and individual investors and set an example for the crypto industry.

In this context, Bloomberg reported that the participation of financial giants like BlackRock, Fidelity, and Invesco would contribute to turning the spot Bitcoin ETF market into a $100 billion force, as reported by COINOTAG on November 20.

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