What Officials, ETF Issuers, and Others Are Saying About the SEC’s Spot Bitcoin ETF Approvals – Unchained

Within the U.S. Securities and Exchange Commission and outside it, central players in the spot Bitcoin ETF approval process did not hold back their strong opinions for and against the agency’s order.

The crypto community has long anticipated the U.S. Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds (ETFs), a historic moment for the outsider industry as it officially is welcomed to Wall Street, and Main Street, as U.S. approved investment vehicles.

Read more: Spot Bitcoin ETFs Finally Receive SEC Seal of Approval

As befits such an occasion, U.S. officials and corporations are releasing statements on this momentous occasion. Here’s a collection of notable releases:

The SEC and Commissioners

“This order approves the Proposals on an accelerated basis.”

The SEC did not belabor the point in its official order.

“Importantly, today’s Commission action is cabined to ETPs holding one non-security commodity, bitcoin. It should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities.”

SEC Chairman Gary Gensler, seen as opposed to the approval, took a position in line with the threads he has been posting on X in recent days cautioning the public from scams and frauds in the crypto ecosystem.

“You need not be a seasoned securities lawyer to spot the difference in treatment of bitcoin-related ETP applications compared to the many other ETP applications that have been routinely filed and approved over the past decade.”

Widely seen as the most crypto-friendly commissioner on the SEC, Hester Peirce did not mince words in her hilariously titled statement “Out, Damned Spot! Out, I Say!: Statement on Omnibus Approval Order for List and Trade Bitcoin-Based Commodity-Based Trust Shares and Trust Units.”

“These Commission actions are unsound and ahistorical. And worse, they put us on a wayward path that could further sacrifice investor protection. I cannot agree that these actions serve either our statutory or foundational investor protection mandates and, as such, I dissent from today’s Order.”

Commissioner Caroline Crenshaw released a strongly worded dissent to the approval order, based on concerns about fraud and manipulation, concentration of ownership, and lack of unified oversight.

“…the underlying analytical approach effectively amounts to merit regulation. Thus, the flawed reasoning in the Approval Order could reverberate for years to come.”

Commissioner Mark Uyeda, while agreeing that the spot BTC ETFs should be approved, opposed three aspects of the order, and argues that the flawed approval order will have negative repercussions on crypto in the future.

ETF Issuers and Custodians

“[W]e believed that Bitcoin could change the world, and we were and remain excited at the prospect of democratizing access to this asset through a U.S. regulated investment vehicle.”

CEO Michael Sonnenshein of Grayscale, whose lawsuit against the SEC made it possible for the eventual approval of spot Bitcoin ETFs, took a victory lap in Grayscale’s official statement.

“The ability to access bitcoin through an ETF will be a breakthrough for investors, particularly financial professionals. We’re proud to have done the work over the last several years to help bring about this historic moment.”

Bitwise CEO Hunter Horsley celebrated the approval order in a press release from the company.

“We ETF sponsors also stand on the shoulders of giants. We didn’t laugh, but listened, when Tyler and Cameron Winklevoss explained Bitcoin in 2013. And other ETF sponsors like Fidelity, Grayscale, Bitwise and Valkyrie have been contributors, not to mention regulators like former CFTC Chairman Chris Giancarlo, former acting Comptroller of the Currency Brian Brooks and SEC Commissioner Hester Pierce, who moved the bureaucracy. Thank you, Satoshi, for launching the most important financial freedom technology of the internet age.”

VanEck CEO Jan van Eck called out those who had pioneered the path forward for Bitcoin in his post.

“Spot bitcoin ETFs represent the culmination of years of effort from a broad cross section of industry players leveraging new technology and infrastructure. The impacts on markets and the financial system will take time to materialize. But we have no doubt that, in a few years’ time, January 10, 2024 will come to be viewed as both a pivotal moment in the evolution of Coinbase and as the start of a giant leap forward for the cryptoeconomy.”

Crypto exchange Coinbase, which is custodying assets for 8 of the 11 approved spot Bitcoin ETFs, predicted in its blog that Jan. 10th would be commemorated as a critical day in crypto’s history.

Other U.S. Officials

“This move demonstrates that responsible innovation in the crypto assets markets is possible and further underscores the need for the clear and commonsense framework Lummis-Gillibrand establishes in this space.”

A champion of crypto in the U.S. Senate, Senator Cynthia Lummis released a short statement promoting her own Lummis-Gillibrand bill, which has not passed.

This list is developing. Please check back as entries will be continuously added.

(UPDATE: Jan. 10 6:46 p.m. ET): Added additional comments from Bitwise, VanEck, and Coinbase