SEC Commissioner Peirce: Spot Bitcoin ETF Approval Process "Gross Mismanagement"

In a podcast, SEC Commissioner Hester Peirce said the decade-long approval process for spot bitcoin ETFs was "grossly mismanaged" and criticised the regulator's "weak" rationale for approving them in 2024. Pointing out that the SEC is still facing litigation and multiple considerations, she called on the market to be patient with other crypto ETFs and regulatory developments. Peirce stressed that the SEC's approval of a product does not mean it is a "good investment" and that investors need to make their own judgment. There are currently about 80 crypto-related ETF applications pending.