SEC ‘Wasted Ten Years’ Rejecting Bitcoin ETFs: Commissioner Hester Pierce

The United States Securities and Exchange Commission (SEC) has finally approved the transaction Find Bitcoin currency (ETFs) on Wednesday, as expected, but at least one SEC commissioner is not mincing words to describe the long-awaited loss to the agency, investors and the cryptocurrency industry.

SEC Commissioner Hester Pierce, a longtime crypto advocate Nicknamed “Crypto Mother”. by fans, She released her statement. On Wednesday's action. It was followed by a statement from SEC Chairman Gary Gensler, who It sounded more boring About the long awaited Bitcoin Proof of ETF.

“Today ends an unnecessary but consequential saga,” Pearce wrote, noting that the first spot Bitcoin ETF application was filed in the United States 10 years ago. She said that in her six years at the agency, the question of why there is a need for a bitcoin exchange-traded product (or ETP) position has come up regularly.

“For reasons I've stated many times before, the logic of a long chain of denials is puzzling,” she wrote. “It was impossible to predict the approval time for spot Bitcoin ETPs because the review process for these documents doesn't look like a fairly straightforward process for approving equivalent ETPs. When the Commission slapped ‘DENIED' on the application, the goalposts kept moving.

Pearce said the SEC's lack of prior action “has pushed retail investors into less efficient ways to gain exposure to bitcoin in the securities markets,” and that “instead of admitting a mistake, [the SEC] It provides a poor explanation for the change of heart.

“We wasted ten years of opportunities to do our jobs,” she wrote. “Had we applied the same standards we apply to other commodity-based ETFs, we could have approved these products years ago, but we refused to do so until a court called our bluff.”

SEC Finally Decides to Approve Bitcoin ETFs After US Court of Appeals for DC Circuit Judge Bought in August The agency must be evaluated by the crypto firm Grayscale to change the application Bitcoin trust to a real ETF. Absent a “coherent explanation” for why Space banned the Bitcoin ETF, Justice wrote, such denials would appear “illegal.”

Gensler cited the court's decision His own statementWhile the latest Bitcoin ETF applications are similar to previous attempts, he writes, “the circumstances have changed.”

“Based on these circumstances and the further discussion of the approved order,” Gensler continued, “I feel that the most sustainable way forward is to approve the listing and trading of these Bitcoin ETP shares.”

Pierce points

Despite Wednesday's approval, “the order will not eliminate many of the harms caused by the differential treatment of spot bitcoin products,” Perce speculated, before digging into more specific problems she believes are due to the SEC's strict anti-crypto approach. The last decade.

“First, our handling of arbitrary and cryptic applications in this area will continue to damage our reputation beyond crypto,” she explained. “A decline in public confidence limits our ability to effectively monitor the markets. This saga will continue to damage the relationship between the industry and our employees and undermine the informed dialogue that better protects investors.”

Pearce went on to call what she sees as a waste of resources, saying “millions of dollars of staff time has gone into blocking these apps.” She said it has “confused people's understanding of what the role of the SEC is.”

“Congress doesn't allow us to tell people that certain investments are right for them,” she said, “but we've abused administrative procedures to take investments from the public that we don't like.”

Pierce also believes that the SEC's actions have “created an artificial frenzy” around Bitcoin ETFs, and that if the regulator had followed its own rules, “we would have avoided the circus atmosphere we find ourselves in.”

She also believes that the SEC has “alienated a generation of product creators in our space,” and that “an expensive legal battle” ultimately led to the approval of spot Bitcoin ETFs.

Although this is a time of reflection, it is also a time of celebration. I am not promoting Bitcoin or Bitcoin-related products; What a regulator thinks about Bitcoin is irrelevant,” she added. “I respect the right of American investors to express their views on bitcoin by buying and selling Bitcoin ETPs.”

“And I respect the persistence of market participants in trying to bring to market the product that investors want,” Pearce continued. “I commend the ten years that applicants have shown in the face of the commission's hurdles.”

Edited by Ryan Ozawa.

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