After the SEC’s approval of the Bitcoin futures ETF in the USA, the eyes turned to the spot Bitcoin ETF applications, but there was no positive response on this issue.
The SEC’s rejection of VanEck’s spot Bitcoin ETF application in late 2021 raised some questions. The SEC argued that there are differences in investor protection between the spot Bitcoin ETF and the futures ETF, and made statements regarding this in its decision.
The SEC’s rejection of the spot Bitcoin ETF was not accepted by many authorities and was even questioned by US senators.
On November 3, US senators Tom Emmer and Darren Soto sent a letter to SEC Chairman Gary Gensler. In their letter, Emmer and Soto asked the SEC why it would allow a Bitcoin futures ETF but not a spot Bitcoin ETF.
The Senators added in their letter that the spot Bitcoin ETF offers more protection than the futures ETF.
Tom Emmer, in a tweet on 3 December 2021 from his Twitter account, tagged the SEC Chairman and wrote that he is still waiting for an answer to his letters dated 3 November. In her post today, Emmer wrote “I’m Still Waiting”, quoting his December 3 tweet and tagging Gary Gensler.
still waiting, @GaryGensler https://t.co/e26TnknBG5
— Tom Emmer (@RepTomEmmer) January 3, 2022
There are more than 20 Spot Bitcoin ETF applications currently pending before the SEC. While it is not known whether a surprise decision will come from the SEC, which evaluates each one separately, it is considered that the SEC president’s failure to respond to the senators is related to the pending applications.
After this sharing, we will be following whether a new statement will come from SEC Chairman Gary Gensler regarding the Spot Bitcoin ETF.