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

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.