US Congress Minnesota representative Tom Emmer shared the letter sent to him by Gary Gensler, chairman of the United States Securities and Exchange Commission (SEC), on Twitter. In the letter, a spotlight from the SEC bitcoin There are explanations for why he doesn’t want to allow his ETF.
Gary Gensler Reveals They Are Still Reluctant To Approve Bitcoin Spot ETFs
Gary Gensler said in his letter that the SEC has a duty to prevent fraud and manipulation in the market. Thus, in a way, the SEC has announced that it is still reluctant to approve a Bitcoin ETF.
Gensler said in his letter on the subject:
“As it is known, BTC spot ETPs and futures ETPs are two separate products and the products they represent are also different.
As the SEC, we must follow all the standards of the US Exchange Act when evaluating Bitcoin spot ETPs. We have complied with this law in BTC spot ETP applications made in the past.
The SEC will consider all BTC ETF applications within the appropriate regulatory frameworks. ”
At the beginning of November, Emmer had sent a letter to Gensler along with Democratic Congressman Darren Soto. In Gensler’s newly replied letter, the two names asked why the SEC had rejected Bitcoin Spot ETFs.
We received a response from SEC Chair Gensler to our 11/3/21 letter regarding BTC spot ETFs. This issue remains a priority for us and we will continue to oversee the SEC in its mission to maintain fair and orderly markets and facilitate capital formation. pic.twitter.com/WbgSDj7o0T
— Tom Emmer (@RepTomEmmer) February 17, 2022
Although the SEC approved a futures-based BTC ETF in October, it has yet to pass any spot ETFs. Even major market players such as NYDIG, SkyBridge Capital, WisdomTree, and Fidelity failed to gain approval from the SEC for a spot BTC ETF.
Spot ETFs are popular in the investment world as they allow direct interaction with the products they are based on.
In his past statements, Tom Emmer has expressed his displeasure that the SEC has not officially approved a spot BTC ETF.
The Minnesota representative also cryptocurrencies He also criticized SEC chairman Gary Gensler for claiming they were unregistered securities.