SEC Commissioner Mark Uyeda voted in favor of approving the first US spot bitcoin ETFs but had some concerns with the SEC's rationale. Uyeda said the SEC missed an opportunity to treat bitcoin like any other commodity and should have approved spot bitcoin ETFs long ago based on existing standards. The SEC historically applied a novel "significant size" test to bitcoin ETFs alone rather than treating them equally to bitcoin futures ETFs. While approving the ETFs, the SEC cited "other means" of satisfying requirements rather than the "significant market" test it had previously required.
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00:00 It's Benzinga and here's what's on the block.
00:02 SEC Commissioner Mark Uyeda voted in favor of approving the first US spot bitcoin ETFs,
00:08 but had some concerns with the SEC's rationale. Uyeda said the SEC missed an opportunity to treat
00:14 bitcoin like any other commodity and should have approved spot bitcoin ETFs long ago,
00:19 based on existing standards. The SEC historically applied a novel significant size test to bitcoin
00:25 ETFs alone, rather than treating them equally to bitcoin future ETFs. While approving the ETFs,
00:30 the SEC cited other means of satisfying requirements rather than the significant
00:35 market test it had previously required. Uyeda criticized this change, saying the SEC forced
00:41 applicants to pursue an unclear test for years without transparency on expectations.
00:45 For all things money, visit Benzinga.com