United States Legislators Urge SEC to Expedite Approval of Spot Bitcoin ETFs

The House Financial Services Committee members are expected to interrogate Gary Gensler during a September 27 hearing concerning SEC oversight.

Four U.S. Congress members are requesting Gary Gensler, the Securities and Exchange Commission’s (SEC’s) chair, to ‘instantly’ ratify the listing of spot Bitcoin BTC tickers down exchange-traded funds (ETFs).

A September 26 letter by Representatives Tom Emmer, Mike Flood, Ritchie Torres, and Wiley Nickel to Gary cited the legal precedent created by Grayscale Investments in winning an appraisal of its ETF offering to claim that the Securities and Exchange Commission was discriminating against spot bitcoin exchange-traded products.

Delay to Approve Pending Spot Bitcoin ETFs Denying Viable Opportunity for US Investors

The legislators told Gary that reasons to deny spot crypto ETF applications after the Grayscale court decision were nonexistent. The court’s decision was that the agency’s reasoning was ‘erratic and autocratic’ in having already ratified investment vehicles linked to Bitcoin futures.

The letter claimed that a granting approval to bid for spot bitcoin ETF would boost safety for investors by improving the safety and transparency of bitcoin’s accessibility. Congress must ensure that the agency ratifies investment products complying with the set standards.

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SEC’s Chair Faces Legislators’ Pressure to End the Delayed Verdict on Spot Bitcoin ETFs

The legislators added that it was essential to approve the spot-Bitcoin ETFs listing instantly. This request came prior to Gary’s planned appearance before the House Financial Services Committee on oversight of the Securities and Exchange Commission. The four legislators are committee members and could solve the issue in the September 27 session. Despite the belief that an impending threat of a government shutdown would not impact the proceedings, the legislators failed to agree on spending.

Up to now, the agency has not sanctioned the listing of spot BTC EFFs. Most people hoped the commission would review pending ETF applications after the agency’s loss to Grayscale last month. Nevertheless, the SEC later delayed verdicts regarding ETFs from seven giant companies, including Bitwise, Invesco Galaxy, Fidelity, BlackRock, Valkyrie, Wisdom Tree, and VanEck. 

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