In a significant victory against the U.S. Securities and Exchange Commission (SEC), companies have secured approval for Spot Bitcoin Exchange-Traded Funds (ETFs), sparking widespread enthusiasm. Grayscale Investments, a prominent asset management firm, stood out as one of the day’s highlights while the industry awaited the SEC’s decision on ETF applications. Coinbase CEO Brian Armstrong and CLO Paul Grewal had previously drawn attention to Grayscale’s efforts.
Armstrong recently shared a post on platform X, quoting Grewal and adding his own commentary, which supported Grayscale’s potential accreditation for the Spot Bitcoin ETF approval.
The CEO emphasized Grayscale’s victory through legal challenges against the SEC, suggesting the firm had overcome significant obstacles. CLO Grewal also praised Grayscale for its firm stance against the SEC’s arbitrary actions.
Grayscale CEO Michael Sonnenshein joined the conversation, expressing satisfaction and recognizing Armstrong and the entire Coinbase team as “great partners” for Grayscale.
While Grayscale received accolades, SEC Commissioner Hester M. Peirce criticized the SEC’s handling of Bitcoin ETFs, admitting to four critical mistakes made by the agency. Peirce confessed that the SEC squandered opportunities over a decade and damaged its reputation with its stance on Bitcoin ETFs and crypto. She also noted the misuse of resources and the wastage of “millions of dollars” in rejecting Bitcoin ETFs, while highlighting that the SEC overstepped its authority and failed to follow standard procedures, creating an “artificial frenzy” around Spot Bitcoin ETFs.