US Lawmakers Urge SEC to ‘Immediately’ Approve Spot Bitcoin ETFs — Say There’s No Reason to Deny Applications

Four U.S. lawmakers have referred to as on the U.S. Securities and Exchange Commission (SEC) to instantly approve spot bitcoin exchange-traded funds (ETFs). “Following the Court of Appeals’ choice, there is no such thing as a motive to proceed to disclaim such purposes below inconsistent and discriminatory requirements … We urge you to approve the itemizing of spot bitcoin ETPs instantly,” the lawmakers advised SEC Chair Gary Gensler.

Lawmakers Want Spot Bitcoin ETFs Approved

U.S. Representatives Mike Flood (R-NE), Tom Emmer (R-MN), Wiley Nickel (D-NC), and Ritchie Torres (D-NY) despatched a letter to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler on Tuesday urging the regulator to instantly approve purposes for spot bitcoin exchange-traded funds (ETFs). The lawmakers wrote:

We write to make sure the Securities and Exchange Commission (SEC) doesn’t proceed to discriminate in opposition to spot bitcoin trade traded merchandise (ETPs).

The letter cites a latest choice by the Court of Appeals within the case of Grayscale Investments in search of to transform its bitcoin belief (GBTC) to a spot bitcoin ETF. According to the court docket, Grayscale’s proposed bitcoin funding product is “materially related, throughout related regulatory elements, to the accredited bitcoin futures ETPs.” So far, the SEC has accredited a number of bitcoin futures ETFs however has but to approve any spot bitcoin ETF.

“The court docket’s discovering underscores the basic level. A spot bitcoin ETP is indistinguishable from a bitcoin futures ETP. Thus, the SEC’s present posture is untenable shifting ahead,” the letter provides.

Referencing Gensler’s repeated name for crypto buying and selling and lending platforms to “are available in and register,” the lawmakers identified to the SEC chair: “Market contributors have relied in your statements and have filed purposes for a regulated spot bitcoin ETP.” The congressmen burdened:

Following the Court of Appeals’ choice, there is no such thing as a motive to proceed to disclaim such purposes below inconsistent and discriminatory requirements … We urge you to approve the itemizing of spot bitcoin ETPs instantly.

“A regulated spot bitcoin ETP would supply elevated safety for buyers by making entry to bitcoin safer and extra clear. Congress has an obligation to make sure the SEC approves funding merchandise that meet the necessities set out by Congress,” the letter concludes.

Many individuals anticipate the securities watchdog to approve spot bitcoin ETFs early next year. Skybridge Capital founder Anthony Scaramucci predicted final week that each Wall Street agency will promote bitcoin ETFs to their purchasers, emphasizing that the subsequent 10-20 years are “remarkably bullish” for BTC. Earlier this month, JPMorgan’s analysts stated the SEC is more likely to approve multiple spot bitcoin ETFs without delay. Former SEC Chair Jay Clayton believes that the approval of spot bitcoin ETFs is inevitable.

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