No Reason to Halt Bitcoin Spot ETF, SEC Commissioner Says
In a recent conversation with Bloomberg, US Securities and Exchange Commission (SEC) Commissioner Hester Peirce stressed that “there is no reason for [the SEC] to stand in the way of spot Bitcoin ETFs.”
Peirce also remained tight-lipped regarding the potential approval of a bitcoin exchange-traded fund (ETF).
When asked about reports of ongoing conversations between ETF issuers and SEC staff regarding spot bitcoin ETF applications, Commissioner Peirce responded, “No, again, I really can't comment on that.”
The SEC's Peirce noted that each Spot Bitcoin ETF application should be judged on its own merits
Peirce noted that each application must be assessed on its own merits, but said he saw no reason to reject some of the applications submitted to the SEC. “So I think we got a little push from the court. And we'll see where it goes from here," he said.
The “push” appears to refer to a recent court decision in a case involving Grayscale. A judge found the SEC “arbitrary and capricious” in denying Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
When asked whether Grayscale's application could potentially be completed before another spot bitcoin ETF application, Peirce declined to speculate. He said all applications were being considered and he could not provide specific timeframes.
This conversation came just one day after former Binance CEO Changpeng Zhao's indictment. CZ faces charges of facilitating money laundering and sanctions violations. Zhao has stepped down from his role. The timing shows digital asset regulation continues to be a hot issue for US authorities.
