After months of delay and uncertainty The US SEC has finally approved the Spot Bitcoin ETF.. In response to these developments, Ripple’s Chief Legal Officer (CLO) Stuart Alderotti It shed 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 several legal flaws in its approach to regulating the cryptocurrency industry.
Ripple CLO claims SEC failure led to ETF approval
Alderoty uses X (formerly Twitter) to declare The U.S. SEC’s approval of a spot Bitcoin ETF was a result of the regulator’s recent legal failures.
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The regulator announced: approval Decision taken at meeting on Wednesday, January 10th deadline The SEC’s final ruling on approval of the Spot Bitcoin ETF is expected. Currently, the SEC has approved Greenlit 11. Bitcoin ETF Application SpotMore applications are expected to be submitted for trading in the coming months.
In response to Commissioner Hester M. Pierce’s publication, Alderoty noted that the SEC has been reticent in its efforts to: Regulate the cryptocurrency industry. Ripple CLO, SEC Chairman stated: Gary Gensler The SEC has been waging a ‘battle royale’ against cryptocurrencies for years, turning the SEC into a self-created ‘caricature’.
Alderoty also agreed with Commissioner Pierce’s perspective on the SEC’s reluctant approval of the Spot Bitcoin ETF application in his post. Ripple CLO concluded that the SEC’s actions have resulted in a loss of trust from the public, judges, and policymakers.
Token price begins recovery trend | Source: XRPUSD on Tradingview.com
US Commissioner explains SEC’s shortcomings
Commissioner Pierce told her name Written on January 10, it outlined the long-awaited conclusion to the long-term deal. Spot Bitcoin ETF The SEC approved the story as “unnecessary and consequential.” She acknowledged that the SEC’s previous rejection of spot Bitcoin ETFs had put pressure on retailers. investor The stock market uses less efficient methods to gain Bitcoin exposure.
The Commissioner strongly emphasized the negative consequences of the SEC’s “prejudicial” delay in Spot Bitcoin ETF applications. She said regulators wasted a 10-year opportunity by rejecting the Spot Bitcoin ETF.
She also said the regulator’s “arbitrary and capricious” handling of submitted Bitcoin ETF applications had damaged the agency’s reputation and created misconceptions about Bitcoin ETFs. Samsung Electronics’ Basic Role Among the masses.
Additionally, the Commissioner found that the SEC’s previous delays in processing the applications resulted in the current unjust results. hype This has resulted in the innovators in this field being marginalized, especially the Spot Bitcoin ETF.
Featured image from CNN.com, chart from Tradingview.com