US Lawmakers Call for Approval of Spot Bitcoin ETPs
Four members of the House Financial Services Committee are urging SEC chair Gary Gensler to reconsider the agency’s stance on spot Bitcoin exchange-traded products (ETPs). In a letter, Representatives Mike Flood (R-Neb.), Tom Emmer (R-Minn.), Wiley Nickel (D-N.C.), and Ritchie Torres (D-N.Y.) argue that the SEC should no longer discriminate against spot Bitcoin ETPs following a court ruling in a lawsuit filed by Grayscale against the SEC.
The court recently ruled that the SEC’s decision to deny Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETP without a “coherent explanation” is unlawful. The lawmakers believe that approving a spot Bitcoin ETP is in the best interest of investors as it would provide safer and more transparent access to the flagship cryptocurrency.
Lawmakers’ Plea to SEC
The representatives emphasize that Congress has a responsibility to ensure that the SEC approves investment products that meet the requirements set by Congress. They urge Gensler to immediately approve the listing of spot Bitcoin ETPs, now that there is no legal basis for denying such applications under inconsistent and discriminatory standards.
Hot Take: Pushing for Equal Treatment of Spot Bitcoin ETPs
A group of US lawmakers is calling on SEC Chair Gary Gensler to approve spot Bitcoin exchange-traded products (ETPs) without discrimination. Following a recent court ruling against the SEC’s denial of Grayscale’s application, these lawmakers argue that there is now no reason to continue rejecting spot Bitcoin ETPs. They stress that allowing these products will benefit investors by providing safer and more transparent access to Bitcoin. The representatives call on Gensler to fulfill Congress’s duty to approve investment products that meet the required standards. They urge him to take immediate action in approving the listing of spot Bitcoin ETPs.
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