SEC Commissioner Says Nothing to prevent spot Bitcoin ETF
At a time when speculation is at an all-time high that the SEC may greenlight the first spot Bitcoin (BTC) exchange-traded fund (ETF), SEC Commissioner Hester Peirce has stated that the agency sees no reason to impede this.
While speaking with Bloomberg’s Kailey Leinz and Sonali Basak in a live interview on November 21, Peirce did, in fact, express her thoughts on the SEC’s procedure for determining on spot Bitcoin ETF applications, among other things.
Leinz asked Peirce to explain the ongoing discussions between the securities watchdog and the issuers that have applied for spot Bitcoin ETFs. Peirce responded by saying she has been open and honest about her views on the matter for a long time and that she believes:
“We see no need to obstruct a spot Bitcoin exchange-traded product. ( ) I’ve already said that I don’t see why we’re rejecting a lot of things that have come before us. The court gave us a little push, and now we’ll see what happens.”
A judge ruled that the SEC’s denial of Grayscale’s efforts to transform the Grayscale Bitcoin Trust (GTBC) into an ETF was “arbitrary and capricious,” as the journalist pointed out; this case involves crypto asset management Grayscale.
At the same time, the thought of a spot Bitcoin ETF being approved has sparked a lot of enthusiasm for the probable arrival of crypto assets on Wall Street. This would be a huge step forward for the crypto sector, as it would allow both institutional and retail investors to participate in crypto.
Financial giants BlackRock (NYSE: BLK), Fidelity, and Invesco (NYSE: IVZ) are reportedly planning to become involved with the spot Bitcoin ETF market, which Bloomberg has predicted could develop into a $100 billion the giant (Finbold, November 20).
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