The Spot BTC ETFs Could Have Been Denied Again?

According to cointelegraph news on X, popularly known as Twitter, A United States SEC Commissioner Hester Pierce says spot Bitcoin ETF approval “comes only begrudgingly” after more than 10 years since the first application was submitted.

 exchange-traded funds (ETF) could have faced an unfavorable outcome today if it weren’t for the Grayscale appeal last year, according to United States Securities and Exchange (SEC) Commissioner Hester “Crypto Mom” Peirce. 

In a statement on Jan.10, Peirce outlined that issuers have attempted to get a spot Bitcoin ETF across the line for more than a decade, and it could very well have extended well beyond if not for “the DC Circuit-ex-machina.”

Peirce referred to the U.S. District Court of Appeals’ decision to overrule the SEC’s denial of Grayscale Investment’s spot Bitcoin ETF application in October 2023.

The court mandated that the SEC take a second review of Grayscale’s application to convert its Grayscale Bitcoin trust into a spot Bitcoin ETF.

Peirce was reportedly among the three Commissioners who voted to approve the spot Bitcoin ETFs. Gary Gensler and Mark Uyeda reportedly approved the products, while Caroline Crenshaw and Jaime Lizarraga did not (na them sabi). 

Peirce said the SEC’s decision today to approve 11 spot Bitcoin ETF applications does not compensate for “the disparate treatment of spot bitcoin products.”

She suggested that the regulator should have acknowledged its error in delaying the approval of spot Bitcoin ETFs.

“The Commission, rather than admitting error, offers a weak explanation for its change of heart,” she further stated.

This is not an investment advise . Always DYOR before engaging in any crypto ventures as crypto investments come with potential losses .