SEC Commissioner Mark Uyeda: Despite agreeing to approve a Bitcoin spot ETF, the SEC’s rationale for expediting approval is flawed

On January 11th, Mark T. Uyeda, a commissioner of the US SEC, issued a statement on the official website stating that although he had voted in support of the SEC's approval of a bitcoin spot ETF, Uyeda has three strong concerns about the approval order: 1. The approval order attempts to confirm the applicability of the "significant market size" test of the physical bitcoin ETP previously rejected by judicial review; 2. The approval order creates new and previously undefined approval standards; 3. The SEC's approval order conceals the true motivation for accelerating the approval application.

He emphasized that this analytical method is essentially performance regulation, which may have long-term effects on future legal analysis. When considering the bitcoin spot ETP, the SEC used a unique legal standard, requiring the exchange to establish a comprehensive monitoring and sharing agreement with the "significant market size" market, which is different from the requirements for other commodity-based ETPs.