Internal Response to SEC: Commissioner Criticizes Bitcoin Policy!

US Securities and Exchange Commission (SEC) official Hester Peirce criticized the agency's ambiguous stance on spot Bitcoin (BTC) exchange-traded fund (ETF) standards.
In a recent interview, SEC official Hester Peirce criticized the SEC's Bitcoin policy, arguing that its methods of cryptocurrency regulation are confusing and disappointing. Peirce also stated that the regulatory uncertainty of the USA harms the investors in the country and that the necessary clarity should be provided at this point.
Stating that in the current situation, various difficulties regarding regulations are faced in many areas, Peirce made various comments on the spot Bitcoin ETF applications, which have been on the agenda recently, especially in this context.
Implying that the SEC acts as a moving target in terms of standards in this area, the official pointed out that the institution's stance on the spot Bitcoin ETF is not in line with its approach towards other products. Stating that he could not solve the reason why the applications were not approved, the official made the following statements on the subject:
The facts and circumstances are important, but I cannot understand why we disapprove based on the facts and circumstances I have seen.
Peirce pointed out that there are currently approved spot Bitcoin ETFs in non-US jurisdictions, and there are several futures Bitcoin ETFs that are also traded within the US:
The standards we apply regarding products traded on the Bitcoin exchange must be consistent with our attitude towards similar products.
Valkyrie Investment, the asset management company that recently found insufficient spot Bitcoin ETF applications, also updated its application after BlackRock and Fidelity and resubmitted it.
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