# SEC.gov | Statement on Omnibus Approval Order for List and Trade Bitcoin-Based Commodity-Based Trust Shares and Trust Units

<https://www.sec.gov/news/statement/peirce-statement-spot-bitcoin-011023>

- Host: [sec.gov](https://links.thingelstad.xyz/hosts/sec.gov/)
- Saved: January 13, 2024 (2024-01-13T13:57:45Z)
- Record: https://links.thingelstad.xyz/links/e87cb28f9811/
- JSON: https://links.thingelstad.xyz/links/e87cb28f9811.json

## What Jamie wrote

We finally have SEC approval to move forward on Bitcoin-based ETFs. This statement from Commissioner Peirce criticizing the SEC's process with Bitcoin is an interesting read. She highlights many negatives that came from the SEC sitting on this for a decade.

> We squandered a decade of opportunities to do our job. If we had applied the standard we use for other commodity-based ETPs, we could have approved these products years ago, but we refused to do so until a court called our bluff. And even now our approval comes only begrudgingly, as demonstrated by our continued insistence that these products satisfy a correlation test we have not demanded of prior commodity-based ETPs.

Good that we finally have this approved.

## Facts

- Kind: [Page](https://links.thingelstad.xyz/kinds/page/)

## Appears in

- [WT274: Weekly Thing 274 / Gibberish, Happyfeed, Airshow](https://weekly.thingelstad.com/archive/274/), Notable

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## Elsewhere

- Wayback Machine: https://web.archive.org/web/*/https://www.sec.gov/news/statement/peirce-statement-spot-bitcoin-011023