Representatives wrote to SEC Chair Gary Gensler requesting a “immediate approval” of “the listing of spot-bitcoin ETPs.”
A bipartisan coalition of senators and representatives lobbied SEC Chair Gary Gensler to quickly approve the listing of a spot bitcoin exchange-traded fund after a favorable court verdict.
Congressional Representatives Mike Flood (R-Neb.), Tom Emmer (R-Minn.), Ritchie Torres (D-N.Y.), and Wiley Nickel (D-N.C.) wrote to Gensler on Tuesday asking him to allow these listings. They said that a controlled spot bitcoin ETF would protect investors by making bitcoin easier to understand and safer to use.
They argued that it was Congress’s responsibility to make sure that the SEC only gives its stamp of approval to investment products that really do what lawmakers want. So, “we urge you to immediately approve the listing of spot-bitcoin ETPs.”
Three justices on the United States Court of Appeals for the District of Columbia Circuit ruled in favor of Grayscale Investments last month, ordering the SEC to reconsider its application for a spot bitcoin exchange-traded fund. Grayscale’s request for a spot Bitcoin ETF was denied by the government last year, prompting the company to file suit against it.
The case before the court concerned the SEC’s approval of futures-based bitcoin ETFs but its unequal treatment of spot bitcoin ETFs.
An SEC representative said that Gensler would reply directly to members of Congress rather than via the media.
Large financial institutions like BlackRock and Fidelity have applied to the SEC for spot bitcoin ETF approval during the last several months, but the commission has not yet given its blessing.
Separately on Tuesday, Missouri Republican Representative Blaine Luetkemeyer wrote to Gensler and Financial Industry Regulatory Authority President Robert Cook to express his displeasure with the two organizations’ acceptance of licensed broker-dealers with ownership links to the Chinese Community Party.
