SEC Commissioner Mark Uyeda cited "strong concerns" with three aspects of the spot Bitcoin ETF approval order.
Soon after the United States Securities and Exchange Commission approved the applications of several fund managers to list spot Bitcoin (BTC) exchange-traded funds (ETFs), SEC Commissioner Mark Uyeda published a statement revealing “strong concerns” with three aspects of the approval order.
Uyeda voted in favor of the landmark approvals of the Bitcoin ETF applications. However, he criticized the underlying analytical approach by which the Commission reached its decision. Fearing that the SEC’s rationale and legal analysis could set a precedent for the future, Uyeda stated:
According to Uyeda, the SEC missed out on the opportunity to treat Bitcoin like any other commodity. Instead, the Commission historically singled out the Bitcoin ETFs after they failed to satisfy its novel “significant size” test.
