- 4 Home Reps. wrote a letter to SEC Chair Gary Gensler on Wednesday.
- They dubbed Spot Bitcoin ETF “indistinguishable” from Crypto Futures ETF.
- Bitcoin continues to be buying and selling across the $26,000 stage at writing on Wednesday.
All eyes are on Bitcoin right now after the U.S. lawmakers urged the Securities & Trade Fee to “instantly” approve functions it has obtained for a Spot Bitcoin ETF.
Home Reps. wrote a letter to Gary Gensler right now
On Wednesday, 4 members of the Home Monetary Providers Committee wrote a letter to Gary Gensler through which they argued {that a} Spot Bitcoin ETF just isn’t notably completely different from a Crypto Futures ETF that the regulator has already permitted.
And so, they urged Chair of the SEC of their letter to permit the likes of BlackRock, Constancy and several other others to listing a Spot Bitcoin ETF.
SEC’s present posture is untenable shifting ahead … there isn’t any cause to proceed to disclaim such functions beneath inconsistent and discriminatory requirements.
Chair Gary Gensler is scheduled to testify earlier than the U.S. Congress right now.
Grayscale just lately secured a victory towards the SEC
Final month, the usCourt of Appeals for the DC Circuit dominated that the Securities & Trade Fee didn’t have an enough cause 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 enough 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 traders 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 continues to be buying and selling across the $26,000 stage at writing.