- Four House Reps. wrote a letter to SEC Chair Gary Gensler on Wednesday.
- They dubbed Spot Bitcoin ETF “indistinguishable” from Crypto Futures ETF.
- Bitcoin remains to be buying and selling across the $26,000 degree at writing on Wednesday.
All eyes are on Bitcoin in the present day after the U.S. lawmakers urged the Securities & Exchange Commission to “immediately” approve purposes it has obtained for a Spot Bitcoin ETF.
House Reps. wrote a letter to Gary Gensler in the present day
On Wednesday, 4 members of the House Financial Services Committee wrote a letter to Gary Gensler during which they argued {that a} Spot Bitcoin ETF shouldn’t be significantly completely different from a Crypto Futures ETF that the regulator has already accepted.
And so, they urged Chair of the SEC of their letter to enable the likes of BlackRock, Fidelity and a number of other others to checklist a Spot Bitcoin ETF.
SEC’s present posture is untenable shifting ahead … there is no such thing as a purpose to proceed to deny such purposes underneath inconsistent and discriminatory requirements.
Chair Gary Gensler is scheduled to testify earlier than the U.S. Congress in the present day.
Grayscale just lately secured a victory in opposition to the SEC
Last month, the U.S Court of Appeals for the DC Circuit dominated that the Securities & Exchange Commission didn’t have an ample purpose to not let Grayscale convert its flagship bitcoin belief into an exchange-traded fund (find out more).
That ruling, as per the lawmakers, must be adequate for Chair Gensler to get onboard with a Spot Bitcoin ETF. Their letter additionally learn:
A regulated spot bitcoin ETP would supply elevated safety for buyers by making entry to bitcoin safer and extra clear.
Members that wrote the letter on Wednesday embody Reps. Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres. Bitcoin remains to be buying and selling across the $26,000 degree at writing.
