Share this text
A gaggle of U.S. Congress members despatched a letter to Securities and Alternate Fee (SEC) Chair Gary Gensler on Tuesday, urging the company to “approve the itemizing of spot-bitcoin ETPs instantly.”
The letter was signed by Representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel. The lawmakers argued {that a} regulated spot bitcoin exchange-traded fund (ETF) would “improve investor safety” by offering safer and extra clear entry to bitcoin investments.
“Congress has an obligation to make sure the SEC approves funding merchandise that meet the necessities set out by Congress,” the letter acknowledged.
Final month, the U.S. Courtroom of Appeals for the District of Columbia Circuit rejected the SEC’s argument that bitcoin markets are “uniquely immune to manipulation” and never but mature sufficient for ETF approval. The court docket dominated that this declare didn’t justify the SEC’s determination to disclaim Grayscale’s proposed bitcoin ETF.
Citing this, the Congress members wrote, “There isn’t a purpose to proceed to disclaim such purposes beneath inconsistent and discriminatory requirements.” They argued that the SEC’s stance is “untenable shifting ahead.”
The SEC has repeatedly blocked proposals for spot bitcoin ETFs, regardless of purposes from main monetary companies together with Constancy, BlackRock, Bitwise, VanEck, Galaxy, Invesco, and WisdomTree. The company has solely accepted bitcoin futures ETFs up to now, drawing criticism over inconsistent requirements.
The lawmakers informed Chair Gensler, “A spot bitcoin ETP is indistinguishable from a bitcoin futures ETP. Thus, the SEC’s present posture is untenable shifting ahead.” They pressed the SEC to rapidly approve a spot Bitcoin fund.