"The logic of denying spot BTC ETF for more than ten years in the past is puzzling."

Source: Decrypt

Translation: Blockchain Knight

The U.S. Securities and Exchange Commission (SEC) finally approved the trading of spot BTC ETF on Wednesday, but several SEC commissioners also candidly described the long-awaited approval process as causing losses to the institution, investors, and the crypto asset industry.

SEC Commissioner Hester Pierce, a long-time advocate for crypto assets, known to fans as the "Mother of Crypto Assets," made a statement on Wednesday regarding the SEC's approval action.

Prior to this, SEC Chairman Gary Gensler also made a statement on the long-awaited approval of BTC ETF, but with a reluctant tone.

Pierce stated, "Today marks the end of a legendary saga that was not necessary but important. The question of why spot BTC ETF is needed has been raised frequently during my six years at the SEC, as the first spot BTC ETF application was submitted in the United States more than ten years ago."

Pierce also added, "For reasons I have explained many times before, the logic of denying spot BTC ETF for more than ten years in the past is puzzling. Predicting the approval timeline for spot BTC ETP is impossible because the review process for these filings is different from the approval process for ETPs that are more straightforward. As the European Commission stamped rejection on one application after another, the approval threshold has been changing."

Peirce pointed out, "The SEC's previous inaction led to retail investors accessing BTC in the securities market in an inefficient manner, and instead of acknowledging the mistake, the SEC made feeble explanations for its change of heart."

"We wasted ten years of opportunities. If we had applied the standards used for other commodity ETPs, we could have approved these products years ago, but we refused to do so until the court warned us."

Before the SEC finally decided to approve the spot BTC ETF, the U.S. Court of Appeals for the District of Columbia ruled in August that the agency must review the application from Crypto company Grayscale to convert its BTC trust into a true ETF.

The judge wrote that if there is no "coherent explanation" for why spot BTC ETF was rejected, then such rejection seems "unlawful."

In his statement, Gensler mentioned the court's ruling and wrote, "Although the latest BTC ETF application is similar to previous attempts, the circumstances have changed."

Gensler continued, "Based on these circumstances and the more comprehensive discussion in the approval order, I believe the most sustainable path forward is to approve the listing and trading of these spot BTC ETPs."

Peirce speculated that, despite the approval on Wednesday, "the order does not eliminate the many harms caused by the differential treatment of spot BTC products." She then delved into a series of specific issues, which she believed were caused by the SEC's steadfast opposition to crypto assets over the past decade.

She explained, "First, our arbitrary and capricious treatment of applications in this space will continue to harm our reputation far beyond the impact of crypto assets. The erosion of public trust will inhibit our ability to effectively regulate the market. This event will tarnish the future interactions between the industry and our staff, and weaken the rich and informative dialogue that is the best way to protect investors."

Peirce further pointed out that she believed it was a waste of resources, as over the years, "staff may have spent millions of dollars' worth of time obstructing these applications." She also stated that during this time, "people's understanding of the SEC's role has become increasingly unclear."

She said, "Congress did not authorize us to tell people whether a particular investment is suitable for them, but we abused administrative procedures to withhold investments we did not like."

In addition, Peirce believed that the SEC's actions surrounding BTC ETF "created an artificial frenzy," and if regulatory agencies had followed their own rules, "we could have avoided the circus atmosphere we find ourselves in now."

She also believed that the SEC "alienated a generation of product innovators in our field" and expressed regret for the "costly legal battles" that ultimately led to the approval of spot BTC ETF.

"While this is a moment for reflection, it is also a moment for celebration. I am not celebrating BTC or BTC-related products; a regulatory agency's view of BTC is irrelevant," she added, "I am celebrating the right of American investors to express their views on BTC by buying and selling spot BTC ETPs."

She continued, "I celebrate market participants' relentless efforts to bring the products they believe investors want to the market, and I commend the applicants for persisting for a decade in the face of the committee's obstruction."

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