HomeNewsCrypto Revolution: SEC's Crypto Mom Backs BlackRock's Spot Bitcoin ETF Without Hesitation

Crypto Revolution: SEC’s Crypto Mom Backs BlackRock’s Spot Bitcoin ETF Without Hesitation

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  • SEC Commissioner Hester Peirce suggests there is no reason for the SEC to continue blocking Bitcoin Spot ETFs, hinting at a potential approval in the USA.
  • The crypto market reacted positively to Peirce’s statement, with Bitcoin’s price and overall market capitalization seeing an uptick.

A Turning Point for Bitcoin Spot ETFs

The long-awaited approval of a Bitcoin Spot Exchange-Traded Fund (ETF) in the United States seems to be drawing nearer, as indicated by SEC Commissioner Hester Peirce. Known for her crypto-friendly stance within the SEC, Peirce recently hinted at the possibility of an approval, stating,

“There is no reason for us to stand in the way of a Spot Bitcoin ETF.”

Market Reactions to Peirce’s Statement

Following the dissemination of Peirce’s comments in a Bloomberg interview, the crypto market witnessed a positive response. The price of Bitcoin (BTC) rose, showing a two percent increase, while the total market capitalization registered a three percent gain on a daily basis. This uptick in the market underscores the significance of regulatory developments on investor sentiment and market dynamics.

Peirce’s Advocacy for Regulatory Clarity

Commissioner Hester Peirce, often referred to as “Crypto Mom” in the blockchain and crypto sector, has long advocated for greater regulatory clarity in this space. Her supportive stance has been a beacon for those in the industry seeking more transparent and favorable regulatory frameworks.

Gradual Progress Towards Approval

Peirce’s cautiously optimistic attitude towards the approval of a Bitcoin ETF in the USA was first voiced in June 2021. Since then, there have been increasing signs of potential progress. Notably, a meeting is reported to have occurred between Grayscale and the SEC, suggesting ongoing negotiations and discussions regarding the ETFs.

Involvement of Major Asset Managers

The potential approval of Bitcoin Spot ETFs is not only a matter of regulatory change but also involves significant interest from major asset managers like BlackRock. Their continued involvement in the race for ETF approvals indicates a growing interest and recognition of the potential of Bitcoin and cryptocurrency within traditional financial markets.

Implications and Future Outlook

The positive market reaction to Peirce’s hints at approval and the involvement of prominent asset managers point to a potential shift in the landscape of cryptocurrency investment products. As the situation develops, the approval of Bitcoin Spot ETFs in the United States could mark a significant milestone in the integration of cryptocurrencies into mainstream financial systems.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628