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

Four U.S. lawmakers person called connected the U.S. Securities and Exchange Commission (SEC) to instantly o.k. spot bitcoin exchange-traded funds (ETFs). “Following the Court of Appeals’ decision, determination is nary crushed to proceed to contradict specified applications nether inconsistent and discriminatory standards … We impulse you to o.k. the listing of spot bitcoin ETPs immediately,” the lawmakers told 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) sent a missive to U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler connected Tuesday urging the regulator to instantly o.k. applications for spot bitcoin exchange-traded funds (ETFs). The lawmakers wrote:

We constitute to guarantee the Securities and Exchange Commission (SEC) does not proceed to discriminate against spot bitcoin speech traded products (ETPs).

The missive cites a caller determination by the Court of Appeals successful the lawsuit of Grayscale Investments seeking to person its bitcoin spot (GBTC) to a spot bitcoin ETF. According to the court, Grayscale’s projected bitcoin concern merchandise is “materially similar, crossed applicable regulatory factors, to the approved bitcoin futures ETPs.” So far, the SEC has approved respective bitcoin futures ETFs but has yet to o.k. immoderate spot bitcoin ETF.

“The court’s uncovering underscores the cardinal point. A spot bitcoin ETP is indistinguishable from a bitcoin futures ETP. Thus, the SEC’s existent posture is untenable moving forward,” the missive adds.

Referencing Gensler’s repeated telephone for crypto trading and lending platforms to “come successful and register,” the lawmakers pointed retired to the SEC chair: “Market participants person relied connected your statements and person filed applications for a regulated spot bitcoin ETP.” The congressmen stressed:

Following the Court of Appeals’ decision, determination is nary crushed to proceed to contradict specified applications nether inconsistent and discriminatory standards … We impulse you to o.k. the listing of spot bitcoin ETPs immediately.

“A regulated spot bitcoin ETP would supply accrued extortion for investors by making entree to bitcoin safer and much transparent. Congress has a work to guarantee the SEC approves concern products that conscionable the requirements acceptable retired by Congress,” the missive concludes.

Many radical expect the securities watchdog to o.k. spot bitcoin ETFs early adjacent year. Skybridge Capital laminitis Anthony Scaramucci predicted past week that each Wall Street steadfast volition merchantability bitcoin ETFs to their clients, emphasizing that the adjacent 10-20 years are “remarkably bullish” for BTC. Earlier this month, JPMorgan’s analysts said the SEC is apt to approve multiple spot bitcoin ETFs astatine once. Former SEC Chair Jay Clayton believes that the support of spot bitcoin ETFs is inevitable.

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