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The U.S. Securities and Exchange Commission finally approved spot Bitcoin exchange-traded funds (BTC-USD) on Wednesday, defying a long series of rejections for such a product that spanned many years.
SEC Commissioner Hester Peirce supported the approval, saying it commended “the applicants’ decades of work.” Perseverance in the face of obstruction by the Commission.”
She noted that the regulator has historically had no problem greenlighting spot Bitcoin ETFs as other Bitcoin-based products have been traded on regulated U.S. exchanges for years.
“Instead, to date, the Commission has remained steadfast in its reluctance to allow spot Bitcoin ETPs in US markets,” it said in a statement.
While Commissioner Mark Uyeda also agreed to approve the ETF applications, he expressed three concerns he has with the SEC's approval order:
- “The Permit Regulation incorrectly attempts to validate the application of the “significant size test” to detect Bitcoin ETPs, which was rejected by judicial review.
- The approval regulation invents a novel, previously unarticulated standard that will form the basis for approval.
- The approval order obscures the Commission’s motivation for expediting the approval of the applications, which is to prevent a first-mover advantage in spot Bitcoin ETPs.”
Caroline Crenshaw, a commissioner at the SEC, objected to the approval order, calling the commission's actions “implausible and ahistorical.”
Such measures “take us down a wrong path that could further undermine investor protection,” she said in a statement. “I cannot agree that these measures serve either our statutory or fundamental investor protection mandates.”
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