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A group of U.S. Congress members sent a letter to SEC (Securities and Exchange Commission) Chairman Gary Gensler on Tuesday to approve the spot-bitcoin ETF immediately.
Mike Flood, Tom Emmer, Ritchie Torres and Wiley Nickel signed the letter that was sent to them by Congress. In their opinion, by providing transparency and security in the access to investment in Bitcoin, a regulated spot ETF with an Exchange Traded Fund for bitcoins would help and enhance investor protection.
The letter stated that
“Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress”
The judge at the Court is appealing to the SEC for a revision of its position on these applications. In his opinion, Judge Neomi Rao held that the agency's refusal in Grayscale was "arbitrary and capricious." The Court ruled that the SEC decision rejecting Grayscales proposal for a bitcoin exchange traded fund was not based on this argument.
In view of this, Congress members in a letter to the President said, "There is no reason for continuing to reject those applications on grounds of inconsistent and unfair standards." They claim the SEC stance is untenable for a longer period of time.
Despite requests from major financial institutions such as Fidelity, BlackRock, Bitwise, Van Eck, Galaxy, Invesco and Wisdomtree, the SEC has repeatedly refused to approve proposals for spot bitcoin exchange traded funds. As a result of this, only bitcoin futures exchange traded funds have been issued by the Agency to date, which has drawn criticism for its inconsistent standards.
Mike Flood, Tom Emmer, Ritchie Torres and Wiley Nickel signed the letter that was sent to them by Congress. In their opinion, by providing transparency and security in the access to investment in Bitcoin, a regulated spot ETF with an Exchange Traded Fund for bitcoins would help and enhance investor protection.
The letter stated that
“Congress has a duty to ensure the SEC approves investment products that meet the requirements set out by Congress”
The judge at the Court is appealing to the SEC for a revision of its position on these applications. In his opinion, Judge Neomi Rao held that the agency's refusal in Grayscale was "arbitrary and capricious." The Court ruled that the SEC decision rejecting Grayscales proposal for a bitcoin exchange traded fund was not based on this argument.
In view of this, Congress members in a letter to the President said, "There is no reason for continuing to reject those applications on grounds of inconsistent and unfair standards." They claim the SEC stance is untenable for a longer period of time.
Despite requests from major financial institutions such as Fidelity, BlackRock, Bitwise, Van Eck, Galaxy, Invesco and Wisdomtree, the SEC has repeatedly refused to approve proposals for spot bitcoin exchange traded funds. As a result of this, only bitcoin futures exchange traded funds have been issued by the Agency to date, which has drawn criticism for its inconsistent standards.
