The United States Securities and Exchange Commission (SEC) finally approved the trading of spot Bitcoin exchange-trading funds (ETFs) Wednesday, as expected, but at least one SEC commissioner isn’t mincing words in describing the toll wrought by the long wait on the agency, investors, and the cryptocurrency industry.

SEC Commissioner Hester Pierce, a longtime crypto advocate nicknamed “Crypto Mom” by fans, issued her statement on Wednesday’s action. It followed the statement from SEC Chair Gary Gensler, who took a more begrudging tone about the long-awaited Bitcoin ETF approval.

“Today marks the end of an unnecessary, but consequential, saga,” Peirce wrote, noting that the first application for a spot Bitcoin ETF was filed in the United States more than 10 years ago. She said that the question of why a spot Bitcoin exchange-traded product (or ETP) is needed has popped up regularly over her six years with the agency.

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Author: Andrew Hayward

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