According to Decrypt, U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated that the lessons learned by the regulator while approving spot Bitcoin ETFs will stick with them. In a recent interview with Coinage, Peirce mentioned that the SEC had been informed by a court that their approach was inconsistent and needed improvement. SEC chair Gary Gensler reacted accordingly to the court's analysis.
Peirce expressed her hope that future crypto ETF applications would not face a prolonged process of court cases and appeals. She emphasized that the regulator should apply the same consideration to similar products and not require a court to point out arbitrary and capricious approaches. Although Peirce did not comment on the status of applications for a spot Ethereum ETF, she acknowledged that it takes a long time and a lot of work to prepare an exchange-traded product for the market.
The SEC's approval of the Bitcoin ETFs was marred by confusion when the regulator's Twitter account was compromised, posting a fake tweet claiming that Bitcoin ETFs had been approved a day before the actual approvals were announced. Peirce criticized the regulator's handling of the ETF approval for generating so much anticipation around one regulatory decision deadline. She also reiterated her remarks following the approval of the Bitcoin ETFs, in which she criticized the regulator for abusing administrative procedures to withhold investments they do not like from the public.
Joy
