4 participants of the US Congress have recently requested the US Securities and Exchange Commission’s chairman concerning Bitcoin ETFs. They have persuaded Gary Gensler to approve the spot BTC exchange-traded funds on an urgent basis. The Congress members, including Ritchie Torres, Tom Emmer, Wiley Kickel, and Mike Flood, wrote a letter on 26 September to the chairman of the US SEC.
Policymakers Push Gary Gensler of the US SEC to Immediately Authorize the Spot BTC ETFs
In that letter, they asserted that the US securities regulator was expressing discriminatory behavior against spot BTC ETFs. Additionally, they referred to the legal precedent that Grayscale Investments set in winning an assessment of the ETF offering. The respective policymakers clarified to Gensler that there existed no reason for the rejection of spot crypto exchange-traded funds applications.
At this point, the policymakers referred to the court decision about Grayscale to support the argument. The respective ruling said that the reasoning of the SEC was capricious and arbitrary. The court compared the respective reasoning with the SEC’s beforehand approval for investment vehicles associated with BTC futures. A regulated spot BTC ETP would enable investors to enjoy enhanced protection.
The Lawmakers also Urged the SEC Chairman to Accept the Listing of Spot BTC ETPs
In this respect, it provides security and transparency in access to Bitcoin, as the letter mentioned. The lawmakers’ letter disclosed that Congress has the responsibility to guarantee that the SEC authorizes investment products to fulfill its requirements. Apart from that, the policymakers encouraged the SEC chair to urgently authorize the listing related to spot BTC ETPs.
Bipartisan letter from @USRepMikeFlood @RepWileyNickel @GOPMajorityWhip and @RitchieTorres to SEC Chair Gensler on not approving a bitcoin spot ETF: “there is no reason to continue to deny such applications under inconsistent and discriminatory standards.” https://t.co/6x5XaUsUqT— Ron Hammond (@RonwHammond) September 26, 2023
This occurs before the SEC chair’s planned appearance in front of the House Financial Services Committee on the SEC’s oversight. The policymakers are participants of the committee. The impending hazard concerning a government shutdown will potentially not impact the proceeding. At present, the SEC has not authorized the listing of spot BTC ETFs.
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