After months of delays and uncertainty, the US SEC Finally Approved bitcoin Spot ETFs. In response to this development, Ripple's Chief Legal Officer (CLO) Stuart Alderoty has shed some light on the regulator's sudden change of heart.
He emphasized that the U.S. Securities and Exchange Commission's (SEC) approval decision was influenced by its multiple legal shortcomings in its approach to regulating the cryptocurrency industry.
Ripple CLO Claims SEC Failures Led to ETF Approval
Alderoty turned to X (formerly Twitter) to proclaim that the US SEC's approval of Spot bitcoin ETFs was a result of the regulatory agency's recent legal rulings.
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The regulatory agency announced its approval decision on Wednesday, January 10, meeting the deadline prepared for the SEC's final ruling on the authorization of the Spot bitcoin ETF. Currently, the SEC has given the green light to 11 Spot bitcoin ETF Applicationsand it is expected that more applications for commercialization will be submitted in the coming months.
In response to a publication by Commissioner Hester M. Pierce, Alderoty noted that the SEC has been recalcitrant in its efforts to regulate the crypto industry. Ripple's CLO stated that the SEC Chairman, Gary Gensler has been in a “battle royale” against cryptocurrencies for years, as a result, the SEC has been transformed into a “cartoon” of its own creation.
Additionally, in his post, Alderoty agreed with Commissioner Pierce's perspective on the SEC's seemingly grudging approval of Spot bitcoin ETF applications. Ripple's CLO concluded that the SEC's actions have caused it to lose the trust of the public, judges, and policymakers.
Token price begins recovery trend | Source: XRPUSD on Tradingview.com
US Commissioner Outlines SEC Shortcomings
Commissioner Pierce, in her bitcoin-011023″ rel=”nofollow noopener” target=”_blank”>statement held on January 10, described the long-awaited conclusion of the prolonged bitcoin/bitcoin-etf-drama-reveals-post-approval-price-trend/” rel=”nofollow noopener” target=”_blank”>bitcoin Spot ETF approval by the SEC as an “unnecessary and consequential saga.” He acknowledged that the SEC's previous denial of bitcoin spot ETFs has boosted retail trading. bitcoin/institutional-investors-spot-etf/” rel=”nofollow noopener” target=”_blank”>investors resort to less efficient methods to gain exposure to bitcoin on the stock market.
The Commissioner strongly emphasized the adverse consequences of the SEC's “detrimental” delay in Spot bitcoin ETF applications. He revealed that the regulatory body had wasted 10 years of opportunities by denying bitcoin Spot ETFs.
Additionally, he stated that the regulator's “arbitrary and capricious” treatment of submitted bitcoin ETF applications has tarnished the agency's reputation, leading to misconceptions about the The fundamental role of the SEC among the public.
Additionally, the Commissioner revealed that the SEC's previous delays in processing applications created the current unjustified situation. hype around Spot bitcoin ETFs and resulted in distancing innovators in the space.
Featured image from CNN.com, chart from Tradingview.com
