A
bipartisan group of lawmakers has called on the U.S. Securities and Exchange
Commission (SEC) to cease its efforts to block the approval of Bitcoin
exchange-traded funds (ETFs).
The
lawmakers argue that the SEC should adhere to court decisions and approve
applications for Bitcoin ETFs, asserting that they are
“indistinguishable” from crypto futures ETFs, which the SEC has
already granted approval.
Four
members of the House Financial Services Committee wrote a letter addressed to SEC
Chair Gary Gensler. They expressed their belief that a spot Bitcoin ETF is
functionally similar to the crypto futures ETFs that the SEC has previously
greenlit.
They
emphasized that this similarity should lead to the approval of applications
submitted by prominent financial institutions such as Fidelity, BlackRock’s
iShares, and Grayscale
Investments, which shares a parent company with CoinDesk.
Rep.
Mike Flood (R-Neb.), Rep. Tom Emmer (R-Minn.), Rep. Wiley Nickel (D-N.C.), and
Rep. Ritchie Torres (D-N.Y.) jointly stated: “The SEC’s current posture is
untenable moving forward. Following the Court of Appeals’ decision, there is no
reason to continue to deny such applications under inconsistent and
discriminatory standards.”
Simplicity
and Accessibility: The Appeal of Bitcoin ETFs for Investors
The
call for action comes on the heels of a recent decision by a judge in the D.C.
Circuit Court of Appeals, who instructed the SEC to reevaluate its
stance on Bitcoin
ETF applications. Circuit Judge Neomi Rao expressed that the SEC’s
rejection of the Grayscale case had been “arbitrary and capricious.”
The
House lawmakers have urged the SEC to promptly approve the pending
applications, emphasizing the urgency of the matter. They will have an
opportunity to question Chair Gary Gensler on this topic during an SEC
oversight hearing scheduled for the following day.
A
Bitcoin ETF, if approved, could provide investors with a more accessible avenue
for entering the cryptocurrency market. ETFs are renowned for their simplicity,
allowing investors to trade in and out of them through standard brokerage
accounts.
The
cryptocurrency community and financial markets alike will be closely watching
the SEC’s response to this bipartisan call for regulatory approval. It might
have significant implications for the future of cryptocurrency
investments. This development underscores the growing interest in bringing
digital assets into mainstream financial markets.
A
bipartisan group of lawmakers…
