US House of Representatives lawmakers are pressuring SEC Chairman Gary Gensler on spot Bitcoin ETF. Two members from each party of the House Financial Services Committee wrote a letter to Securities and Exchange Commission Chairman Gary Gensler. Lawmakers called on Gensler to take action on the ETF.
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cryptokoin.comAs you follow from , the SEC stands like the ‘sword of Damocles’ on the crypto market. Regulatory uncertainty is causing hesitation among market players. This causes the bear market to last longer than expected. This situation seems to have bothered others as well. A bipartisan group of lawmakers sent a letter to SEC Chairman Gary Gensler on Tuesday. Lawmakers called for the U.S. Securities and Exchange Commission to hear from the courts. They also said the SEC should abandon efforts to block Bitcoin exchange-traded funds (ETFs) from gaining regulatory approval.
Gary Gensler will appear before the House Financial Services Committee shortly. Prior to that, four members of that panel sent a letter to Gensler claiming that the spot Bitcoin ETF was “indistinguishable” from the crypto futures ETFs the agency has already approved. In this regard, they called on the SEC to consider the requests of applicants seeking SEC approval, such as Digital Currency Group, Fidelity, BlackRock’s iShares and Grayscale Investments. These representatives include Mike Flood, Tom Emmer, Wiley Nickel and Ritchie Torres. The letter from the representatives underlines the following points:
The SEC’s current stance is untenable going forward. Following the Court of Appeal’s decision, there is no longer any reason to continue rejecting such applications under inconsistent and discriminatory standards.
Deputies: Approve pending applications “immediately”!
Meanwhile, last month, a judge on the D.C. Court of Appeals ordered the SEC to reconsider its view on spot Bitcoin ETF applications. District Judge Neomi Rao wrote that the agency’s dismissal in the Grayscale case was “arbitrary and capricious.” Accordingly, lawmakers in the House of Representatives called on the SEC to “immediately” approve the pending applications. Gensler will appear at an SEC oversight hearing before that committee on Wednesday. Members will then have the opportunity to question him on the spot Bitcoin ETF issue.
It’s possible that Bitcoin ETFs could provide investors with a much easier way to invest money in the crypto market. Because ETFs are designed to be simple to trade through brokerage accounts. Meanwhile, Emmer, Flood and Torres, who is a member of the House leadership as the majority representative, are members of the Congressional Blockchain Caucus in the House.
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