SEC Commissioner Mark Uyeda: Despite agreeing to approve the Bitcoin spot ETF, there are flaws in the reasons for SEC's accelerated approval

U.S. SEC Commissioner M ark T. Uyeda released a statement on the official website stating that although he has voted in favor of the SEC's approval of Bitcoin spot ETFs, Uyeda has three major concerns about the approval order:

 

1. The approval order attempts to confirm the applicability of a "significant market size" test for physical Bitcoin ETPs that was previously rejected by judicial review;

 

2. The approval order creates new and previously undefined criteria for approval;

 

3. The SEC's approval order obscures the real motive behind accelerating application approvals. He emphasized that this method of analysis is essentially performance regulation, which could have long-term effects on future legal analyses. In considering Bitcoin spot ETPs, the SEC adopted unique legal standards requiring exchanges to establish comprehensive monitoring sharing agreements with "significant scale" markets, which differs from requirements for other commodity-based ETPs.