In a recent development, US House Republican Patrick McHenry, who serves as chairman of the House Financial Services Committee (FSC), targets the US Securities and Exchange Commission (SEC) for rejecting a spot ETF application for the leading crypto Bitcoin. took. Here are the kdetails…
FSC Chairman targets SEC over crypto hostility
McHenry, a staunch advocate of cryptocurrency, has expressed concerns about the lack of transparency within the SEC and urged Chairman Gary Gensler to make a clear statement for the decision. ETFs have become routine financial instruments for investors and are regulated by the SEC. McHenry underscored this fact, emphasizing that rejecting a physical Bitcoin ETF without valid justification could potentially hinder the growth and adoption of cryptocurrencies in the United States. McHenry said:
The only reason Gensler would oppose a physical Bitcoin ETF is because he wants to kill all cryptocurrencies in America.
cryptocoin.com As we reported, the SEC’s decision to reject the Bitcoin spot ETF application submitted by BlackRock and others has taken the financial community by surprise. The regulatory agency cited insufficient information as the basis for the order to complete the application. The move has not only disappointed industry players, but has also drawn criticism from lawmakers like McHenry.
condemned the SEC
On June 29, President McHenry, along with House Judiciary Chair Jim Jordan and House Oversight and Accountability Chair James Comer, denounced the “lack of transparency” in the Gensler-directed SEC in response to the SEC’s administrative actions. Republican lawmakers have expressed concern over the institution’s handling of the Bitcoin spot ETF application. They also called for greater clarity in their call-taking processes. That is, the rejection and lack of resolution of ETFs also annoys many officials.
Consequently, the conflict between McHenry and Gensler underscores the ongoing debate over cryptos and their regulation. Some advocate tighter surveillance to reduce risks and protect investors. Others advocate a more permissive approach to fostering innovation and economic growth. Gensler consistently stresses the need to protect and regulate investors. He is known for his cautious stance on cryptocurrencies in general. However, this approach has been criticized by those who believe that it will hinder the development of this emerging asset class. McHenry’s statements mirror this sentiment. McHenry fears that regulatory measures could hinder their progress. Namely, it reflects a growing sentiment among crypto advocates.
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