Members of the House of Representatives Financial Services Committee have sent a letter to SEC Chairman Gary Gensler, urging him to approve Spot Bitcoin ETF applications. In a letter sent to the chairman on Tuesday, four members of the committee, including Majority Representative Tom Emmer, called on the commission to expedite the applications. The committee and its members are set to meet with SEC Chairman Gary Gensler today at 5:00 PM.
Following the SEC's unsuccessful attempt to reject Grayscale's application in a court battle, the crypto industry and regulators are still awaiting a firm decision from the commission. The letter claims that the Spot Bitcoin ETF is "indistinguishable" from crypto futures ETFs that the securities agency has already approved. Pending Spot Bitcoin ETF applications include requests from Fidelity, BlackRock, and others. The letter includes the following details:
"The SEC's current stance is indefensible going forward. According to the Appeals Court ruling, there is no reason to continue rejecting such applications under inconsistent and discriminatory standards. For this purpose, we request that you promptly approve the listing of Spot Bitcoin ETFs."
The purpose of a Spot Bitcoin ETF is to facilitate easy and fast fund transfers for investors in the crypto market. The institution is relatively divided on the concept of Spot Bitcoin. Furthermore, under the leadership of Gary Gensler, the SEC is strongly opposed to it. Congress members noted that Spot Bitcoin ETFs are no different from Bitcoin futures ETFs. It's worth noting that the SEC has not yet given the green light to any Bitcoin ETF, and it even delayed ARK Invest and Global X's Spot Bitcoin ETF applications late last night.
