- United States House Financial Services Committee members sent out a letter to Gary Gensler addressing the spot Bitcoin ETFs.
- The letter called the SEC’s standards of denial of spot ETFs “inconsistent and discriminatory”.
- Not too late after the letter came to light, it was revealed that the SEC delayed its decision on Ark Invest’s Bitcoinspot ETF filing.
The discourse surrounding the spot Bitcoin Exchange Traded Funds (ETFs) is reaching its pinnacle as key lawmakers are now stepping in to resolve the matter. The Securities and Exchange Commission’s (SEC) staunch repulsion of the ETFs has been called out by the lawmakers, urging the regulator to approve the applications.
US House Members Advocate for Bitcoin ETF
In a letter from September 26, it has come to light that members of the US House Financial Services Committee (FSC) have written to the SEC to approve the spot Bitcoin ETF filings “immediately”. The letter endorsed by Representatives Mike Flood, Wiley Nickel, Tom Emmer and Richie Torres addresses the regulatory body’s standing against the ETFs.
The letter argued that a regulated spot Bitcoin ETF would provide protection for investors by making access to BTC safer and more transparent. Furthermore, the lawmakers even called out the SEC for its lack of support for such ETFs. The Representatives stated that the Court of Appeals concluded that in the absence of a coherent explanation, this regulatory treatment of similar products is unlawful.
Calling the SEC’s standards of denial of spot ETFs as “inconsistent and discriminatory”, the letter urged the regulatory body to approve the listing of spot Bitcoin ETFs.
Another decision delayed
Surprisingly, not too long after the letter came to light, another revelation took place. The SEC decided to postpone its decision on the Ark Invest’s 21Shares spot Bitcoin ETF. The Bitcoin ETF that was developed in collaboration with Cathie Wood’s Ark Invest and 21Shares was due to receive its order on September 29; the SEC gave its decision nearly three days ahead of schedule.
The regulatory body has been slow in approving these ETFs under existing SEC rules. The decision for this ETF will most likely come to light sometime around in November now.
