U.S. SEC Commissioner: The approval of the Bitcoin spot ETF was achieved under court intervention

2024-01-11 09:10:24

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ChainCatcher News, SEC Commissioner Hester Peirce stated on the official website that the SEC has finally approved multiple applications for listing and trading Bitcoin spot exchange-traded products (ETPs), a decision achieved under the intervention of the U.S. Court of Appeals for the D.C. Circuit. Nevertheless, this approval does not compensate for the numerous damages caused by the unfair treatment of Bitcoin spot products.

Peirce pointed out that the approval process for Bitcoin-related ETPs is markedly different from the routine approvals of other ETPs over the past decade, leading to prolonged rejections. The SEC had previously rejected applications on the grounds of the Bitcoin market's immaturity and manipulation issues, but now, the SEC's approval order indicates that the high correlation between Bitcoin futures and spot market prices over the past two and a half years has demonstrated the existence of mechanisms to prevent fraud and manipulation. Peirce criticized the SEC's rejections of applications, which have damaged public trust and diverted limited human resources.

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U.S. SEC Bitcoin Spot ETF

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