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SEC’s Peirce voices support for Bitcoin ETF approval

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  • SEC Commissioner Hester Peirce supports the approval of a Bitcoin ETF.
  • Peirce’s views differ from the SEC’s prolonged hesitancy on the matter.
  • Major financial firms like Grayscale, BlackRock, and Fidelity have filed for spot Bitcoin ETFs.

Amidst intensifying anticipation within the cryptocurrency community, SEC Commissioner Hester Peirce openly endorsed the approval of a bitcoin exchange-traded fund (ETF) during a recent CNBC interview. Her stance, favoring the authorization of a bitcoin ETF, starkly contrasts the Securities and Exchange Commission’s prolonged hesitancy, adding an intriguing twist to the ongoing debate.

Peirce’s advocacy for crypto innovation isn’t new. However, her recent revelations underscore a significant divide in viewpoints within the SEC itself. Expressing confusion over the delay, Peirce highlighted that the rationale behind postponing approval has long baffled her, considering the growing market demand and substantial institutional interest.

The crypto industry isn’t the only sector awaiting the SEC’s green light. Notably, heavyweight financial entities, including Grayscale, BlackRock, Invesco, Valkyrie, and Fidelity, have lodged applications for spot bitcoin ETFs. Additionally, Grayscale’s relentless pursuit to transition its Bitcoin Trust into a spot ETF gained momentum following a favorable court directive compelling the SEC to reassess its application.

The spotlight on the SEC intensified further after Chair Gary Gensler divulged that several Bitcoin ETF applications were under meticulous review. This revelation marked a critical juncture, acknowledging the mounting pressure from various quarters, including U.S. lawmakers and firms robustly campaigning for these innovative financial products.

Despite the clamor for expedited approval, the SEC opted for an extended evaluation period last month, potentially stalling the momentum gathered by proposals for spot Bitcoin ETFs. This decision, seemingly a sidestep, has prompted industry stakeholders to speculate about internal disagreements or a deeper strategy within the regulatory body.

Consequently, the financial world remains on tenterhooks, balancing optimism with realism, as it navigates the regulatory intricacies. Peirce’s admission confirms the existence of divergent thoughts at the regulatory epicenter, potentially signaling a pivotal shift in the landscape or a protraction of the status quo.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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