Hester Peirce, a member of the Securities and Exchange Commission (SEC), expressed her confusion about the agency’s delay in approving a spot Bitcoin exchange-traded fund (ETF). Grayscale, the owner of the world’s largest Bitcoin fund, sued the SEC for rejecting its application to convert its fund into a spot ETF. The court of appeals ruled in favor of Grayscale, stating that the SEC’s treatment was arbitrary. Peirce criticized the SEC’s handling of Bitcoin and hoped for a more productive approach. Other fund managers, including Mike Novogratz and Cathie Wood, have noticed a change in behavior from the SEC since the court ruling. Peirce also mentioned the interest from investors in Bitcoin ETFs.
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