Following the SEC's spot Bitcoin ETF approval, SEC chairman Gary Gensler and members also made a statement.
In his statement, Gensler made anti-Bitcoin statements despite approving ETFs, while Hester Pierce, one of the cryptocurrency supporter members, said, “We have squandered a decade of opportunities up to this point.” He made a statement.
Pierce, known as Crypto Mom due to his support of BTC and cryptocurrencies, said that the approval came late and did not eliminate the damages caused:
“Today's approval does not undo the many harms created by spot Bitcoin ETFs being rejected and treated differently than other ETFs.
First, our arbitrary and capricious treatment of practices in this space will continue to damage our reputation well beyond crypto.
First, declining public confidence will hinder our ability to regulate markets effectively.
Second, our disproportionate attention to these applications has distracted us from performing our other critical duties. For over a decade, probably millions of dollars of staff time was spent blocking spot Bitcoin ETFs.
Third, our actions on spot ETFs have blurred people's understanding of what the SEC's role is.
Fourth, by failing to follow our normal standards and processes when evaluating spot bitcoin ETPs, we have created an artificial frenzy around them. If these products had been launched like other comparable products, the situation could have been very different. Because we squandered ten years of opportunities to do our job.
Fifth, we alienated a generation of innovation supporters from our field.”
Lastly, Pierce stated that today is a time for celebration, saying, “I'm not celebrating Bitcoin or Bitcoin-related products; it doesn't matter what a regulator thinks about Bitcoin. I celebrate the right of American investors to express their opinions about Bitcoin by buying and selling spot Bitcoin ETFs.” said.
*This is not investment advice.