SEC Commissioner Hester Peirce: “No Reason” Against Bitcoin ETF

Hester Peirce, SEC commissioner, recently stating that there is “no reason for the regulator to stand in the way of a spot Bitcoin ETF.”
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The Bitcoin community’s year-long anticipation for the approval of Spot Exchange-Traded Funds (ETFs) by the United States Securities and Exchange Commission (SEC) reached a pivotal moment. Hester Peirce, SEC commissioner, recently talked about the matter, stating that there is “no reason for the regulator to stand in the way of a spot Bitcoin ETF.”

In the recent Bloomberg TV interview with Kailey Lenzi on November 22, Peirce expressed her long-standing belief in the need for a Spot Bitcoin ETF, citing a court “nudge.” She stated:

“I’ve thought for many years now that there’s no reason for us to stand in the way of a spot bitcoin exchange-traded product. […] We got a little bit of a nudge from the court. And we’ll see where we go from here.”

The “nudge” mentioned seemingly relates to a recent court ruling involving Grayscale. Interestingly, a judge determined that the SEC’s denial of Grayscale’s application to convert its Bitcoin Trust into a Spot Bitcoin ETF was “arbitrary and capricious.”

All Spot ETFs Under Consideration: Hester Peirce

Commissioner Peirce—popularly known as “Crypto Mom” throughout the industry—when questioned about the potential resolution timeline for Grayscale’s application compared to others, opted not to speculate. She stated that all Spot Bitcoin ETF applications are currently under consideration, and she cannot provide specific timelines for their resolution.

However, in October, the commissioner told CNBC’s Squawk Box that the SEC’s court loss to Grayscale was “obviously an important factor.” At the time, she stated:

“I’ve been thinking we should approve one for the last five years. The logic for why we haven’t has always mystified me.”

It is important to note that several major players, including BlackRock, Valkyrie, Fidelity Investments, WisdomTree, and Invesco, filed applications for BTC-based investment products earlier this year. The SEC is currently reviewing 12 Bitcoin spot ETF applications, sparking discussions within the community. Enthusiasts speculate on the approval of at least nine applications.

The Bitcoin Community Supports

Peirce’s positive remarks resonated within the Bitcoin community. Analyst Michael van de Poppe praised her statements as very positive news, predicting Bitcoin’s potential surge to new highs. Investor confidence rose, anticipating an influx of capital into Bitcoin ETFs upon approval.

ARK Invest’s Cathie Woods, along with Bloomberg analysts, anticipates simultaneous approval for multiple ETFs. The SEC, having missed an approval window, pushed back initial deadlines, leading to market recovery. The ongoing developments underscore the important role regulatory decisions play in shaping the future of bitcoin investments.

Notably, Bitcoin Spot ETFs have been the focus of speculation, with rumors influencing BTC market prices. In October, a false report by CoinTelegraph on approval of a Bitcoin Spot ETF by the SEC, triggered a surge in the asset’s price.

Although the news was debunked rather quickly, but the market maintained its bullish rally. Bitcoin’s price surged from $26,750 to $37,490 during this period, marking a significant 40% increase in one month.

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