Hester Peirce Shows Optimism for Bitcoin Spot ETF Approval

Godfrey Benjamin
October 22, 2023 Updated October 23, 2023
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Bitcoin ETF

Hester Peirce, known affectionately within the crypto community as “Crypto Mom” and an SEC commissioner, has reiterated her encouragement for the regulatory body to greenlight a Bitcoin (BTC) spot exchange-traded fund (ETF).

Today, while speaking with CNBC’s Andrew Ross, Peirce was questioned about the likelihood of the SEC endorsing several pending applications for a US-based spot Bitcoin ETF. This inquiry comes especially after the SEC’s recent setbacks in cases against crypto-centric firms like Grayscale Investments and Ripple Labs.

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Spot BTC ETF Approval Coming Soon

In a chat with CNBC, the Coinbase CLO highlighted that the American cryptocurrency exchange strongly believes that the U.S. regulator will approve the applications to list the new spot BTC ETF offering. Markedly, Grewal did not say anything about when he expects the approval to come or the sequence in which it would come.

“I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law,” Grewal said.

His opinion further underscores the stance of two Bloomberg ETF analysts who recently outlined the odds of approval of a spot Bitcoin ETF by the SEC. Eric Balchunas and James Seyffart raised the chances of spot Bitcoin ETF approval to 90% after fixing it at 75% in an earlier projection. The progression in the value designated as the odds of getting an approval shows the level of confidence that these analysts have in the decision of the regulator. 

Also, the recent move by the SEC in its lawsuit with Grayscale suggests that a bitcoin-related ETF may be coming in the coming months. Following a judge’s ruling that the SEC did not have a basis for rejecting Grayscale’s bid to convert its Bitcoin Trust into a physically-backed ETF, there were high expectations that the regulator would appeal the ruling, like it tried to do in the case of Ripple Labs and XRP.

However, in a shocking revelation, the regulator decided that it was not going to appeal the court’s ruling. This means that Grayscale now has a higher possibility of turning its GBTC to an ETF. 

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Top Players in the Bitcoin ETF Race

There are a number of industry giants seeking approval to list the Bitcoin ETF product including BlackRock, Fidelity and Invesco. Apart from the little victories snatched thus far, the Coinbase CLO believes that the status and reputation of most of the applicants will play a part in getting an approval this time around.

“I think that the firms that have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services,” Grewal added.

Read Also: Bitcoin Open Interest Drops After Fake Bitcoin ETF Rumors

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.