SEC Commissioner Mark Uyeda voted in favor of approving the first US spot bitcoin ETFs but had some concerns with the SEC's rationale. Uyeda said the SEC missed an opportunity to treat bitcoin like any other commodity and should have approved spot bitcoin ETFs long ago based on existing standards. The SEC historically applied a novel "significant size" test to bitcoin ETFs alone rather than treating them equally to bitcoin futures ETFs. While approving the ETFs, the SEC cited "other means" of satisfying requirements rather than the "significant market" test it had previously required.