SEC's Handling of Bitcoin Spot ETF Approval Criticized by Commissioner

According to PANews, SEC Commissioner Hester Peirce expressed concerns over the prolonged approval process for Bitcoin spot ETFs, describing it as 'severely mismanaged' during a podcast discussion. She criticized the regulatory body's rationale for approving the ETF in 2024 as 'weak.' Peirce highlighted that the SEC is still facing lawsuits and multiple considerations, urging the market to remain patient regarding other crypto ETFs and regulatory developments. She emphasized that SEC approval of a product does not necessarily indicate it is a 'good investment,' advising investors to make their own judgments. Currently, approximately 80 crypto-related ETF applications are under review.