Hester Pierce, popularly known as “crypto Mom,” who serves as commissioner of the United States Securities and Exchange Commission (SEC), believes that the agency would not need a lawsuit or court ruling to approve exchange-traded funds of ethereum pending (ETF Application.
during a interview Speaking to community-owned crypto media outlet Coinage, Commissioner Pierce insisted that the SEC should not need a court to direct its approach, as it would treat ethereum spot ETFs the same as it does other traded products. in a bag.
An arbitrary and capricious approach
crypto Mom's statements hinge on the circumstances that led to the SEC's approval of the first wave of spot bitcoin ETFs in the US under the leadership of former and current presidents Jay Clinton and Gary Gensler. , the Commission rejected numerous applications for bitcoin spot products between 2013 and 2023.
The story changed last year after a federal appeals court ordered the SEC to reevaluate Grayscale's application. The asset management company had taken the Commission to court in 2022 after the agency rejected its proposal to convert its bitcoin Investment Trust (GBTC) into a spot ETF.
The US Court of Appeals for the DC Circuit said the SEC failed to explain why it approved the listing of two bitcoin futures products but not Grayscale's GBTC, ruling that the regulator's approach was in fact arbitrary. and capricious, as the asset manager had accused.
No need to file a lawsuit over Ether ETFs
bitcoin spot ETFs launched less than two weeks ago are believed to have only been approved due to the Grayscale ruling; Otherwise, Gensler would have continued to reject requests on the grounds that btc markets were prone to manipulation.
In response to the interviewer's questions about the same fate of around seven one-time ethereum ETF applications on the SEC's desk, Commissioner Pierce said:
“This is not how we are going to do our approvals. As I've said throughout this process, what we need to do is simply apply regular consideration to these products. The same type of consideration we apply to similar products. Therefore, we should not need a court to tell us that our approach is 'arbitrary and capricious' in order to get it right.”
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