News Summary

• SEC Commissioner Mark Uyeda cited “strong concerns” with three aspects of the spot Bitcoin ETF approval order..
• 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..
• Uyeda said that the SEC invented a new standard after forcing applicants to spend years pursuing the “significant market” requirement..
• “Under that standard, spot Bitcoin ETP [exchange-traded product] applications should have been approved long ago,” he argued..
• Instead, the commission historically singled out the Bitcoin ETFs after they failed to satisfy its novel “significant size” test..
• He added:Uyeda also believes that the SEC’s motivation for accelerating the spot BTC ETF approvals was to get a first-mover advantage..