SEC Commissioner Hester Pierce has lauded the efforts of Grayscale and the U.S. District Court of Appeals in the approval of the Bitcoin spot ETF. This comes after a decade since the first filing, with the SEC finally approving the first Bitcoin spot ETF. However, the chair has clarified that this approval does not equate to an endorsement of the digital asset.
On Thursday, the regulatory agency approved 11 spot Bitcoin ETF applications, marking a significant milestone in the industry. The SEC chair confirmed these approvals, a critical move following a fiasco experienced just hours before the approval. Despite initially cautioning crypto investors earlier in the week, SEC chair Gary Gensler has reiterated that the approval of a spot Bitcoin ETF is not an endorsement of the digital asset.
Following these developments, SEC Commissioner Hester Pierce, known in the crypto community as the “Crypto Mom” for her pro-crypto stance, has praised Grayscale and ‘DC Circuit-Ex-Machina’. The commissioner was referring to the U.S. Court’s mandate for the SEC to reevaluate Grayscale’s Bitcoin ETF application last year. The courts noted similarities with approved Bitcoin futures ETFs and concluded that the SEC’s rejection was “arbitrary and capricious.” By the end of the year, the SEC and Grayscale were in discussions about an ETF, indicating that approval was on the horizon.
In her remarks, Pierce stated that the SEC had failed in its duty, delaying the approval of an ETF for a decade, and only succumbing to pressure after the courts called their ‘bluff.’ The latest decision from the SEC was put to a vote, with Pierce among the three who voted to approve. Surprisingly, chair Gary Gensler was also in support, with the remaining two voting against.
Similar sentiments have been expressed by Coinbase’s CEO and Chief Legal Officer. CEO Brian Armstrong noted that the American investment company “deserves a huge amount of credit for today, pushing this through the courts.”
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| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Gary Gensler, Brian Armstrong, Hester Pierce |
| Companies | U.S. District Court of Appeals, U.S. Securities and Exchange Commission, Grayscale, Crypto News Flash, Coinbase |
| Currencies | Bitcoin |
| Securities | None |
