SEC Commissioner Hester Peirce aligns with bullish cryptocurrency enthusiasts, highlighting the delay in approving a spot bitcoin ETF and suggesting that regulatory obstacles have been hindering progress.

Expressing her sentiments at Bloomberg’s ETFs in Depth Conference, Peirce emphasized her belief that a spot bitcoin ETF should have received approval years ago, expressing bewilderment at the ongoing delay.

However, despite her positive remarks, Peirce refrained from predicting the approval of the ETF. The upcoming Jan. 10 deadline for ARK/21Shares’ spot bitcoin ETF application has fueled anticipation, coinciding with bitcoin’s significant price surge this year ahead of the decision.

The SEC has historically denied spot bitcoin ETF applications citing concerns about market manipulation and investor protection. Following Grayscale Investments’ legal victory against the SEC, the regulatory agency has begun engaging with ETF issuers to revise their applications, signaling a potential shift in approach.

Peirce advocates for the readiness of both the ETF and crypto ecosystems to embrace a spot bitcoin ETF, highlighting that foreign jurisdictions have experience with non-spot products like futures.

While Peirce stands as an outlier among SEC officials due to her favorable stance on cryptocurrency, she believes that the SEC’s approach toward crypto and blockchain requires a shift in attitude and standards, emphasizing the need for a more balanced approach.

In contrast, SEC Chairman Gary Gensler has previously expressed caution and skepticism toward cryptocurrency, suggesting a divergence in perspectives within the regulatory body.