Congress Members Urge SEC Chairman Gensler to Allow Spot Bitcoin ETFs

Congress members have suggested to SEC Chairman Gary Gensler that he ‘immediately approve the listing of spot-bitcoin ETPs.’ In a letter sent to the chairman, they cited the Grayscale decision as the reason to begin approving such products.

Republican and Democratic congress members pressed Securities and Exchange Commission Chairman Gary Gensler to urgently allow the listing of a spot bitcoin exchange-traded fund following a significant court ruling.

Reps. Mike Flood, R-Neb., Tom Emmer, R-Minn., Ritchie Torres, D-N.Y., and Wiley Nickel, D-N.C., encouraged Gensler to grant permission for these listings, arguing that a regulated spot bitcoin ETF would enhance transparency and safety in accessing bitcoin, thereby increasing investor protection.

Congress: SEC Approval Needed

Congress has the responsibility to ensure that the SEC approves investment products that meet the requirements set by Congress,” they said. “Therefore, we request that you immediately approve the listing of spot-bitcoin ETPs.

Last month, Grayscale Investments, after its proposal for a spot bitcoin ETF was rejected, filed a lawsuit against the agency, leading a court of three judges to decide that the SEC should reevaluate its proposal for a spot bitcoin ETF.

The court specifically addressed the differential treatment of spot bitcoin ETFs and similar funds based on futures contracts by the SEC, which had granted regulatory approval in this regard.

However, the SEC has not yet responded to a comment request.

However, the SEC has not yet responded to a comment request. Additionally, it has postponed the applications for Ark 21Shares and Global X ETF.

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