US Congress Urges SEC Chair to Approve Bitcoin ETF
The Congress of The United States has sent a letter to the Chair of the Securities and Exchange Commission (SEC), Gary Gensler, urging him to immediately approve a Bitcoin exchange-traded fund (ETF). The letter references the recent court order in the case of Grayscale Invs., LLC v. SEC, where the Court of Appeals deemed Grayscale’s proposed Bitcoin exchange-traded product (ETP) to be similar to approved Bitcoin futures ETPs in terms of regulatory factors.
The letter also highlights how the Circuit Court supported Grayscale’s claims that the SEC’s rejection of their application to convert Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETP violated the Administrative Procedures Act.
Call for Approval
In response, Representatives Mike Flood, Tom Emmer, Ritchie Torres, and Wiley Nickel penned a letter urging Gensler to approve a regulated spot Bitcoin ETF. They argue that such an ETF would provide better investor protection and simplify access to Bitcoin while ensuring its safety. The letter accuses the SEC of discrimination and inconsistency in delaying and denying approval without valid reasons.
Furthermore, the Representatives point out that major financial institutions like BlackRock and Fidelity are seeking clearances for their own Bitcoin products, making the SEC’s hesitation appear contradictory. They suggest that this week’s House Financial Services Committee hearing presents an opportunity to address these concerns directly to Gensler.
Hot Take: Congress Pushes for Approval of Bitcoin ETF
The US Congress has officially called on SEC Chair Gary Gensler to approve a Bitcoin exchange-traded fund (ETF) without delay. Citing a court order and support from major financial institutions, Representatives argue that a regulated spot Bitcoin ETF would offer greater investor protection and simplify access to the cryptocurrency. They accuse the SEC of discrimination and inconsistency in its handling of Bitcoin ETF applications. The Congress letter comes ahead of a House Financial Services Committee hearing, providing an opportunity to address these concerns directly to Gensler.
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