“No reason for SEC to Reject Bitcoin Spot ETF,” Says Commissioner Hester Peirce
Hester Peirce’s Interview
On Wednesday, SEC Commissioner Hester Peirce caused more excitement among Bitcoin enthusiasts after saying in an interview that there was no reason for the Securities and Exchange Commission to deny the most awaited Bitcoin Spot ETF.
Speaking with Bloomberg’s journalists Sonali Basak and Kailey Leinz, Peirce said she has been advocating for the approval of a Bitcoin spot Exchange-Traded Fund since she was appointed as SEC Commissioner.
A few hours after the video clip of the interview had made rounds on X, Bitcoin saw its value jump 3.5% to $37,721, according to CoinGecko’s data. However, the largest and most popular coin is down to $37,389 as of this writing.
Over the past few weeks, rumors suggesting the possibility of a Bitcoin spot ETF approval by the Securities and Exchange Commission have caused Bitcoin’s price to rally. While banking giant JP Morgan said in October that the SEC would approve the ETF by Christmas, the regulator pushed its decision regarding the investment product to 2024.
SEC Dismissed ETF Fillings in the Past
The approval of a Bitcoin spot ETF will allow investors to gain exposure to this crypto asset without holding it directly. Since 2013, crypto-native companies have attempted to persuade the SEC to approve this type of ETF without luck. The US regulator has kicked out every ETF filing so far, citing possible market manipulation as the main reason.
However, things changed completely in July when the largest asset manager, BlackRock, entered the race to have a Bitcoin spot ETF approved. The likelihood of this type of ETF to hit the market has increased significantly over the past few months.
Crypto analysts are optimistic that growing Wall Street’s interest in Bitcoin could help the crypto market cap surge by $1 trillion.
SEC Commissioner Wants Clear Crypto Rules Established
Peirce, who is among the five Securities and Exchange Commissioners that will decide whether the 12 ETF applications will approved or not, has denounced several actions leveled by the SEC against crypto companies. She has also been advocating for the establishment of a comprehensive crypto regulatory framework rather than enforcement actions.
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