Commissioner Peirce Slams SEC's 'Moving Goalposts' in Bitcoin ETP Approval

2024-01-11 01:30:58

As the Securities and Exchange Commission (SEC) approves several Bitcoin spot exchange-traded products (ETPs) one commissioner comments on the unnecessary debacle.

In a blog post hosted on the SEC’s newsroom, SEC Commissioner Hester Peirce said the approval comes more than 10 years after the first application was filed for a Bitcoin (BTC) ETP — including Bitcoin exchange-traded funds (ETFs). She suggested the SEC finally relented due to a recent court ruling that criticized the rationale for rejecting a Bitcoin ETP proposal last year.

Peirce wrote that the SEC’s past refusals meant “the goalposts kept moving” for Bitcoin ETP applicants even as comparable products were routinely approved. She said this resulted in higher costs and less convenient options for investors seeking Bitcoin exposure.

House Majority Whip Tom Emmer (R-MN) praised the SEC’s reversal, calling it “a result of an emerging industry fighting for the future of this country against tremendous odds and prevailing over the tyrannical bureaucratic roadblocks.”

Despite approving the ETPs, Peirce said “our approval comes only begrudgingly” and that the SEC had “squandered a decade of opportunities.” She argued the agency should have used the same standard as for other commodity ETPs, which would have allowed Bitcoin products to launch years ago.

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