Hester Peirce: The Grayscale case ruling was an important factor in the approval of the Bitcoin spot ETF

US SEC Commissioner Hester Peirce announced on the official website that after more than ten years since the first Bitcoin spot ETP application was submitted, the SEC has finally approved multiple Bitcoin spot ETP listings and trading applications. This approval was achieved under the intervention of the Washington DC Circuit Court (Grayscale case ruling).

Peirce pointed out that the approval process for Bitcoin-related ETPs is significantly different from other ETPs that have been routinely approved in the past decade, resulting in such applications being rejected for a long time. The SEC had previously rejected these applications on the grounds that the Bitcoin market was still immature and susceptible to manipulation. However, now the SEC has stated in the approval order that the past two and a half years have proven that the Bitcoin futures market and spot market prices are highly correlated, which has demonstrated means to prevent fraud and manipulation. Peirce criticized the SEC for previously rejecting these applications, which damaged public trust, dispersed limited staff resources, and confused people's understanding of the SEC's role.

Nevertheless, this approval cannot make up for the many damages caused by unfair treatment of Bitcoin spot products. But Peirce also celebrated the right of US investors to express their views on Bitcoin through buying and selling bitcoin spot ETPs, as well as the perseverance shown by market participants in launching products they believe investors want.